CAN ANYONE HELP ME WITH HOW I CAN GET SOME MATERIALS THAT GO INTO DETAILS WITH INTERCOMPANY ELIMINATION ESPECIALLY

INVENTORY

FIXED ASSETS

BONDS

THIS IS KILLING ME - I MEAN REALLY KILLING ME

I TRIED BECKERS F3, YAEGER AND THE WILEY BOOK AND I AM LITERALLY BRAINDEAD

For inventory, this discussion has a really great explanation from ebony eyes.  http://www.cpanet.com/cpa_forum/forum_posts.asp?TID=20734&am p;KW=ebonyeyes

any place for we can find the info for bonds and fixed assets?

ebonyeyes did an amazing job but still would like the other topics

I don't have my book with me any more, but I do believe those are fairly simple journal entries to simply reverse whatever took place between the two parties. 

If it's a fixed asset, you will have to eliminate the gain and adjust the asset back to it's original historical cost, rather than carrying it at the intercompany sale price (debit gain, credit asset).  Then you will debit Acc Depr and credit Depr Exp for whatever amount of excess depreciation was taken as a result of the increased carrying value.  

As far as bonds go, I don't remember a lot of the details, but the concept is the same.  If you have bonds payable, and your subsidiary purchases them, think of it as though your sub is paying off the debt for you.  If the sub pay less than the carrying value, then there is a gain.  You eliminate the Bonds Payable and the Premium/Discout, and you record a gain.  Perhaps if you take a look at the journal entries in Becker after clearing your head a bit it will make more sense to you.  I do recall that there were a few practice MCQs over bonds in Becker's homework, and there is a practice simulation that should help you master the concept.