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
Illustration of maximum possible loss method A, B and C have been partners for several years, sharing profits and losses in the ratio 2:2:1. They decided to dissolve the firm o

Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material

The conflicting interests of users We have seen above that every user group looks at a business from a different perspective and has its own individual interests. This means th

You own a two-bond portfolio. Each has a par value of $1,000. Bond A matures in five years, has a coupon rate of 8 percent, and has an annual yield to maturity of 9.20 percent. Bon

Q. What do you mean by Re - organization? Reorganization - This is a change in businesses capital arrangements. If for a CORPORATION there are 7 statutory options for reorganiz

Derivation of Formulas i) Future Value of an Annuity Future value of an annuity is FVA n = A(1 + k) n -1 + A (1 + k) n - 2   + .......A (1 + k) + A     ............

with the following data for a 60 percent activity, prepare a flexible budget for production at 80 percent and 100 percent activity production at 60% activity - 6000 units

Q. Example on Differential cash flows? Differential cash flows: contracting out versus in-house provision NET PRESENT VALUE =£45519 The positive NPV signifies th

I have a presentation on an article (around 20 pages). I also need 2 current real life examples (2 companies) to support the presentation. Can you do that? How long it will take yo

Requirements: Part I Access the IFRS and the Generally Accepted Accounting Principles (GAAP) of your country. a. Note ten differences between the two sets of GAAP. Part II Ac