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
Q. Written inquiries for financial information? Inquiry - A procedure which comprises seeking information both financial and non-financial, of knowledgeable persons throughout

Trend Analysis Trend analysis is an improvement over year-to-year analysis. When a comparison of financial statements covering more than three years i

Washington-Pacific invests $2 million to take a tract of land and plant some young pine trees. The trees can be harvested in 13 years, at which time W-P plans to sell the forest at

Company A subsequently sells 60% of the voting interest in Company S for $900,000. The fair value of Company A's retained interest of 10% in the voting stock in Company S is $120,0

The comparative balance sheets for 2013 and 2012 are given below for Surmise Company. Net income for 2013 was $80 million. SURMISE COMPANY Comparative Balance Sheets December 31, 2

Tracing trust property   Apart from suing the trustee, in the event of a breach of trust, the beneficiary may follow the trust property and recover it from third parties, or the p

Retirement benefits 1)      Provident fund and family pension: a.       Contribution to PF and PPF are provided for and payments in respect thereof are made to the relevant

Illustration-statement of Changes in Net Assets-pension fund (a) What meetings of creditors must be held and for what purpose in the course of a creditors’ voluntary winding up


A project requires a net investment of $450,000. It has a profitability index of 1.25 based on the firm's 12 percent cost of capital. Determine the net present value of the project