Accounts required and their purpose-branches, Financial Accounting

Assignment Help:

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

 


Related Discussions:- Accounts required and their purpose-branches

Financial leverage - ratio analysis, Provide a brief (one typed page) discu...

Provide a brief (one typed page) discussion of analysis of the ratios of your company versus the competitor and the industry, addressing your company's liquidity, solvency, profita

Partnership accounting, How does ordinary shares and preference shares incl...

How does ordinary shares and preference shares included in the account

Market risk premium , A company presently pays a dividend of $2 per share, ...

A company presently pays a dividend of $2 per share, D0 = 2. It is estimated that the company's dividend will enhance at a rate of 17% percent per year for the next 2 years, then t

Identify total proceeds from new securitizations, Refer to Note 8, Securiti...

Refer to Note 8, Securitization Transactions (pp. 78-80) and an extract from Note 2, Additional Balance Sheet and Cash Flow Information (p. 72-73) from the Consolidated Financial S

Calculate the return on investments based on cash flow, This project allows...

This project allows you to think critically and apply decision-making management techniques. In this project,  you need to solve a bond portfolio problem, a diversified portfolio p

Explain the auditing standards, Q. Explain the Auditing Standards? Audi...

Q. Explain the Auditing Standards? Auditing Standards - Guidelines to which an AUDITOR adheres. Auditing standards encompassauditor's professional qualities, as well as her or

Determine straight value and conversion value , Banana Computer has a perpe...

Banana Computer has a perpetual, convertible 7% annual coupon bond outstanding. The bond has a face value of $1,000 and has a conversion price of $40. The required return on an oth

Virtual output queuing, Please prove that the maximum throughput of input q...

Please prove that the maximum throughput of input queued switch is 0.586 when switch size N approaches infinity. Assume the incoming traffic is uniformly distributed. Please dem

Define case study of a company that exports goods, Define Case Study of A C...

Define Case Study of A Company that exports goods? A company exports goods to country K. Your work as an international cash manager needs you to estimate the value of country K

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd