Record the eliminating entries for the following intercompany transactions 
1- P company acquired 80 % of W company for 50,000 JD . Equity of W is : common shares 80,000 JD , other capital 15,000 JD , RE ( 15,000 ) JD . 

2 - P company advanced 3000 to S company and 2000 to R company , but P company did not record the advances to R company yet .

3- Company P invested 250,000 JD in bonds , of which there is 90,000 JD investment in bonds issued by Company S. 

The interest on bonds are 10,000 JD but S company did not record the accrued interest yet .

Answer rating: 100% (QA)

Solution 1 P company ... View the full answer