The Following Is the Only Consolidation Elimination Entry Required for an Intra-Group

question 23

True/False

The following is the only consolidation elimination entry required for an intra-group loan made and repaid during the reporting period:
Dr Loan payable
Cr Loan receivable

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Definitions:

Compounded Monthly

Interest calculation method where interest accrued is added to the principal sum each month, leading to an increase in the subsequent month's interest calculation.

Interest Rate

The percentage at which interest is paid by a borrower for the use of money that they borrow from a lender.

Semi-Annually

Occurring or calculated over half a year; typically refers to interest computed twice a year.

Trust Fund

A legal entity established to hold assets on behalf of a person or group, often used for estate planning or to manage money for beneficiaries.