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What is an elimination entry and when do we use it?

Account Reconciliation
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Question added by Deleted user
Date Posted: 2015/12/17
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kumail razvi
by kumail razvi , Accountant , International Food Stuff Company (IFFCO), Sharjah

Elimination entries are made for removing the effects of inter company transactions. There are, basically, three types of inter company eliminations as follows:

  • Elimination of inter company stock ownership.
  • Elimination of intercompany debt.
  • Elimination of intercompany revenue and expenses.

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