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Explain why intragroup transaction and balances eliminated on consolidation

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FR Exams › Explain why intragroup transaction and balances eliminated on consolidation

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • September 2, 2016 at 4:30 pm #337105
    seista
    Member
    • Topics: 39
    • Replies: 11
    • ☆☆

    Where one group co owes money to another group co or one co holds loan stock of another co , the asset and liability balances will be eliminated on consolidation. As far as the group is concerned , they do not represent amounts due to or from third parties. Sir this answer is from bpp. I do not understand the last line ( they do not represent amounts due to or from third parties )

    September 2, 2016 at 8:03 pm #337130
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    If a subsidiary owes money to a parent, and therefore the parent is owed money by the subsidiary …

    … how is any third party involved?

    It’s purely an internal domestic arrangement

    If your father owes money to your mother, how does that involve any stranger in the next village?

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