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Wholly owned indirect subsidiary?
Since the Internet had no information on this, I asked a lawyer, who by his own admittance said he wasn't positive, but believed that: a wholly owned indirect subsidiary is a wholly owned subsidiary (Company 3) that itself is owned by a wholly owned subsidiary (Company 2) of another company (Company 1). Such that Company 3 is a "wholly owned indirect subsidiary" of Company 1.
How do you appoint a director to a subsidiary?
There are policies that are followed in appointing a director to a subsidiary entity. This is done by the shareholders in compliance to the Articles of Association of the company.
What is the difference between affiliates and subsidiary?
Affiliates are non associated independent dealers. Subsidiary is a divisional company owned by the parent company
What is sub ledger?
A General Ledger is the main ledger & all other ledgers like, Account Receivable, Account Payable Ledgers are all sub ledgers. Previously there used to be only one ledger ie the General Ledger, but as Business grew, the number of accounts too multiplied, so, the General Ledger started getting fatter, therefore the need to bring out accounts of similar nature out of General ledger & create sub-ledgers. However, there is a representative account for the subledgers in the General Ledger, which maintains only the balances of the various accounts in the Sub-Ledgers.So, by doing this the Trial Balance can always be created from the General Ledger only.
What does subsidiary motion mean?
A subsidiary motion depends on a substantive motion.Any Procedural motion which is dependent on an order already passed or a motion already discussed in the parliament are called subsidiary motions. for instance Motions moved for subsequent readings of a bill, or to make amendments if any on the previous bill to modify it before the House with a view to increase its acceptability or to present to the House a different proposition as an alternative to the original one, or to pass the bill again to a committee for its review are genrally subsidiary motions.
When are postings from the purchase journal to the subsidiary ledgers made?
daily
What are subsidiary ledgers used for?
Subsidiary ledgers contain the detail that support the general ledger accounts. For example, the general ledger account, "Accounts Receivable" might have a balance of $230. This is the total of all the subsidiary accounts receivable ledgers. So, there would be a subsidiary ledger for John Smith (balance $100), Sam Jones (balance $80) and a subsidiary ledger for George Washington (balance $50). When George pays us the $50 he owes us, we would record it in his subsidiary ledger. That brings George's balance down to $0 and the general ledger account would now be $180 (the total of the two subsidiary ledgers with balances in them). Reasons for subsidiary ledgers: You have to record George's payment as a reduction in what George owe us. If you posted his $50 payment in the general ledger, very quickly you would forget who paid it to you. Also, by looking at the entries in George's subsidiary ledger, you can see what he has charged, what he has paid, and when he has paid. The general ledger is nothing more than the total of the balances in the subsidiary ledgers. The subsidiary ledgers have all the detail.
What are ledgers used for?
Subsidiary ledgers contain the detail that support the general ledger accounts. For example, the general ledger account, "Accounts Receivable" might have a balance of $230. This is the total of all the subsidiary accounts receivable ledgers. So, there would be a subsidiary ledger for John Smith (balance $100), Sam Jones (balance $80) and a subsidiary ledger for George Washington (balance $50). When George pays us the $50 he owes us, we would record it in his subsidiary ledger. That brings George's balance down to $0 and the general ledger account would now be $180 (the total of the two subsidiary ledgers with balances in them). Reasons for subsidiary ledgers: You have to record George's payment as a reduction in what George owe us. If you posted his $50 payment in the general ledger, very quickly you would forget who paid it to you. Also, by looking at the entries in George's subsidiary ledger, you can see what he has charged, what he has paid, and when he has paid. The general ledger is nothing more than the total of the balances in the subsidiary ledgers. The subsidiary ledgers have all the detail.
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
A company would not likely use subsidiary ledgers for?
A company would not likely use subsidiary ledgers for accounts that do not require detailed tracking, such as general expense accounts or non-specific revenue accounts. Subsidiary ledgers are designed for accounts that involve numerous transactions or require detailed breakdowns, like accounts receivable or accounts payable. Therefore, for accounts with minimal transactions or where summary-level information suffices, maintaining a subsidiary ledger would be unnecessary and inefficient.
What are 5 types of subsidiary ledgers?
accounts receivable ledger, accounts payable ledger, notes receivable ledger, notes payable ledger and equipment subsidiary ledger
How often should you post to the subsidiary ledgers?
Subsidiary ledgers should be posted regularly, typically daily or weekly, depending on the volume of transactions and the accounting practices of the organization. Frequent postings help maintain accuracy and ensure that the general ledger reflects up-to-date information. It's essential to establish a consistent schedule that aligns with your overall accounting cycle and reporting needs. Regular reconciliations should also be performed to ensure alignment between subsidiary and general ledgers.
Why ap ledger required a subsidiary ledgers?
AP Ledger requires a subsidiary ledger to help keep the clutter down in the general ledger. The standard ledger can often fill up with a large amount of activity, making it difficult to handle.
What purpose does a subsidiary ledger serve?
A subsidiary ledger contains the details to support a general ledger control account. A subsidiary ledger records all the detailed data for any general ledger account that has many individual subaccounts. What are some commonly used subsidiary ledgers? accounts receivable inventory accounts payable
What are the subsidiary ledgers?
A subsidiary ledger is a ledger designed for the storage of a specific types of accounting transactions. The information in a subsidiary ledger is then summarized and posted to account in the general ledger, which in turn is used to construct financial statements of a company.However they usually created only for the areas in which there are high transaction volumes, which limits there use to a few area.Actually there are five types of subsidiary ledger;accounts payable ledgeraccounts receivable ledgerNotes payable ledgerNotes payable ledgerEquipment (fixed assets) ledger
What advantage is there in recording information in subsidiary journals and then posting to the ledgers in the internet?
Recording information in subsidiary journals allows for more organized and detailed tracking of specific types of transactions, such as sales or purchases, which simplifies data entry and reduces errors. This method provides a clearer overview of financial activities and enables easier analysis and reporting. Posting to the ledgers afterward consolidates this detailed information into a comprehensive format, facilitating efficient financial management and reporting. Overall, this approach enhances accuracy and efficiency in accounting processes.
Could you explain Accounting 101?
Typically, it involves the theory of credit and debit, balance sheets, income statements, controlling accounting accounts, subsidiary ledgers, work sheets, depreciation methods, and basically financial accounting theory.
