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What is inter-company sales and intra-company sales to be cancelled upon consolidation?
Where one company within a group of companies sells goods to another company within that same group.
Upon consolidation, where group accounts are prepared as though the consolidation were the accounts for a single company, intra-group sales are effectively selling goods to yourself.
The correct title is intRA-group sales. IntER-group sales are when a company within group A sells goods to a company in, say, group Z
That type of transaction should NOT be cancelled because the selling company is not in the same group as the buying company
Is that ok?
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