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How to define Inter company Transaction in Account Receivable?

Ans) Intercompany transactions are those transactions that takes place among two or more entities of the similar group of company. So the receivable of one entity would the payable of one another entity. All intercompany transactions are eliminated before preparing the final Balance sheet of the group company.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9533463

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