Identifying related party transactions    LO3 Many entities have transactions with related parties which occur under normal terms and conditions. For example, banks provide a wide range of banking and other financial services and products, some of which are used by bank directors and their close family members. Required Choose one entity from each of the following three business sectors and identify the types of transactions (e.g. goods and services) that the entities might engage in with related parties under normal commercial terms and conditions.

(a) Transport sector

(b) Retailing sector

(c) Construction sector