Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. unite ltd provided a loan of $1,000,000 to its sub

Unite Ltd provided a loan of $1,000,000 to its subsidiary Inspire Ltd. Interest of $100,000...

50.1K

Verified Solution

Question

Accounting

Unite Ltd provided a loan of $1,000,000 to its subsidiary Inspire Ltd. Interest of $100,000 was charged during the year ended 30 June 2020. On consolidation, which of the following elimination entries is needed at 30 June 2020 in relation to the interest charged? a. No elimination is needed b. Dr Interest expense $100 000 Cr Interest revenue $100 000 c. Dr Interest revenue $100 000 Cr Interest expense $100 000 d. Dr Interest expense $100 000 Cr Cash $100 000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

Unequal liveslong dash—ANPV approach???Evans Industries wishes to select the best of three possible? machines, each of which is...

Biology
1.2K views

Shown here is a monosaccharide HOCH KOH H Alpha Beta H 0 H OH OH...

Biology
1.2K views

O 9 Describe the events that take place during interphase

Geometry
1.2K views

7 Jaime randomly surveyed some students at his school to see what they thought of...

Basic Math
1.2K views

Blake bought a new car and financed $15,000 to make the purchase. He financed the...

Basic Math
1.2K views

You volunteer at the animal shelter. They are putting together a calendar with pictures of...

Calculus
1.2K views

chus In xedx Hint setu x dv ex x 2 pts

Accounting
1.2K views

To calculate the annual revenue in cell B9, the correct formula is A. =B59 B....

Accounting
1.2K views

What is mean by Financial Condition? and make some question to ask somebody?

Accounting
1.2K views

! Required information Problem 6-50(LO 6-2)(Algo) [The following information applies to the...

Accounting
1.2K views

Which of the following best defines a product-level activity? Multiple Choice An activity that...

Accounting
1.2K views

Statement of Cash FlowsIndirect Method The comparative balance sheet of Whitman Co. at December 31,...