Accounts required and their purpose-branches, Financial Accounting

Accounts required and their purpose

a. Branch Current Account (Head Office Books)

  1. Records all transactions branch and head office;
  2. The balance represents the investment made by head office in the branch.


b. Head office Current Account (Branch Books)

  1. Records all transactions between branch and head office;
  2. The balance represents the branch’s capital;
  3. Profit and loss account balance must be transfeeed to this account at the end of the period.

c. Final accounts

  1. Examination questions
  2. Trading Account
  3. Trading Account – branch column records
  4. Trading Account – combined column records
  5. Profit and loss account
  6. Balance Sheet
  7. The provision for unrealized profit
  8. The ‘combined’ column in the trading and profit and loss account

 

Posted Date: 12/12/2012 1:38:51 AM | Location : United States







Related Discussions:- Accounts required and their purpose-branches, Assignment Help, Ask Question on Accounts required and their purpose-branches, Get Answer, Expert's Help, Accounts required and their purpose-branches Discussions

Write discussion on Accounts required and their purpose-branches
Your posts are moderated
Related Questions
The cash flow as well as other benefits of factoring was discussed earlier. Invoice discounting as well offers cash flow advantages. Here selected invoices of superior quality are

Q. Define Risk-adjusted discount rates? One technique in this heading is the assignment of investment projects to one of a set of risk classes all of which has a different disc

HOW TO RECORD INVENTORY AT NET REALISABLE VALUE ON JOURNAL

Q. Discount rate to the estimated NPV of the investment? There is no necessity to round the solution up to the nearest whole percentage. NPV approximate may be made using the e

Ask questiJohn’s away at the moment, and his email provider has a size limit on the data that can be sent via email. What is a potential solution for John, and name a provider that

Dividends out of the capital profits Dividends out of the capital profits are apportioned on the same basis as dividends out of income (Re. Doughty). (a) Variation of sec

1.  How can a flexible budget help managers control costs? A flexible budget can help managers control costs by showing favorable and unfavorable variances within the planning o

Dillings Ltd is a wholesaler and distributor of catering of office equipment. The following list of balances was extracted from its books at 31 March 2004: The following ad

what are methods of calculating depreciation?

Can you show me how to solve these problems? PLEASE!!! I can't figure out how to solve these. :-( 1.Briarcrest Condiments is a spice-making firm. Recently, it developed a new