Basics of sundry matters, Financial Accounting

Basics of Sundry Matters

  1. Current accounts balances must always be equal and opposite.
  2. The head office current account in the branch books should always have a credit balance.
  3. The branch current account in the head office books should always have a debit balance.
  4. Goods in transit and cash in transit must always be adjusted in the head office books (regardless of the direction in which they are in transit)
  5. The final entry to close the current account will be the transfer of branch profit to head office.
Posted Date: 12/12/2012 1:43:41 AM | Location : United States

Related Discussions:- Basics of sundry matters, Assignment Help, Ask Question on Basics of sundry matters, Get Answer, Expert's Help, Basics of sundry matters Discussions

Write discussion on Basics of sundry matters
Your posts are moderated
Related Questions
Presentation and hearing The petition is presented to the court and must be served on the debtor at least eight days before the hearing. If the debtor wishes to oppose it he mu

Suppose that the annual rate of interest is 4%. (a) What is the monthly rate? (b) Consider a 3-year lease on a car that is worth $20,000 today. The first payment on the lease

1.   Briefly explain what is "utility". Briefly explain which is worth more, a dollar today or a dollar in the future (in your explanation be sure and explain "why")? How does infl

A company's sales are 50% in cah and 50% on credit. 70% of the credit sales are colected in the month of the sale, 20% in the month following the sale, and 5% in the second month f

SUBSIDIARY COMPANIES (1AS 27) A subsidiary company is a company in which the investing company (also called holding or parent company) controls the financial and operating polici

Information concerning the capital structure of Piper Corporation is as follows: December 31, 2011 2010 Common stock 150,000 shares 150,000 shares Convertible preferred stock 15,00

On July 1, 2010, Spear Co. issued 1,000 of its 10%, $1,000 bonds at 99 plus accrued interest. The bonds are dated April 1, 2010 and mature on April 1, 2020. Interest is payable sem

Which of the following events would be recorded as an accounting event? Answer   a. A guest purchases a meal in a food outlet.

Binary Coded Decimal BCD stands for Binary Coded Decimal. The information given to the computer is stored temporarily before it is processed.  Consider a number 827. The bin

Greek Debt Exchange On the evening of February 20, 2012 private institutional investors, representatives of the IMF, ECB, and European governments agreed to a major "intervention"