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

Question

Quizplus · Accepted Answer

The elimination of intra-group transactions, including loans made and repaid within the same reporting period, typically involves more than just reversing the loan payable and receivable. It may also require adjustments for any interest income and expense recorded on the intra-group loan to ensure these do not affect the consolidated financial statements.

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