Consolidating entries worksheet
Consolidated statements combine the income statements, balance sheets and statement of cash flows of the parent and subsidiary companies into a single set of statements.
The consolidated income statement reports all transactions with entities external to the combined parent and subsidiary entities.
The consolidated income statement must also show an adjusting entry for the non-controlling interest.
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Similarly, raw material purchases from external suppliers and salaries are also part of the consolidated income statement.
The consolidated balance sheet reports the assets, liabilities and shareholders' equity of the combined entities.
Click in the Reference box, select the range A1: E4 in the district1 workbook, and click Add. Repeat step 4 for the district2 and district3 workbook. Check Top row, Left column and Create links to source data.
The Consolidation Assistant add-in for Microsoft Excel is designed to help you consolidate data from multiple workbooks or from multiple worksheets.
On the Data tab, in the Data Tools group, click Consolidate. For example, cell B2 (in distric1.xlsx) cell B2 (in district2.xlsx) cell B2 (in district3.xlsx).
Note: if you don't check Top row and Left column, Excel sums all cells that have the same position.
In addition to the elimination of inter-company sales, the preparation of consolidated statements requires certain other elimination entries to make the statements reflect a single corporate entity.
For example, a company cannot own itself, which requires the elimination of inter-company stock ownerships.
For example, if company ABC acquires XYZ, then the combined income statement cannot include sales from ABC to XYZ, nor can it include payment for services from XYZ to ABC.
However, if ABC or XYZ sells to an external business entity, then those revenues are part of the consolidated income statement.
The accounting for this investment depends on the level of control of the parent company in the subsidiary.Tags: Adult Dating, affair dating, sex dating