Accounts required and their purpose-branches, Financial Accounting

Assignment Help:

Accounts required and their purpose

a. Branch Current Account (Head Office Books)

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

b. Head office Current Account (Branch Books)

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

c. Final accounts

Examination questions
Trading Account
Trading Account – branch column records
Trading Account – combined column records
Profit and loss account
Balance Sheet
The provision for unrealized profit
The ‘combined’ column in the trading and profit and loss account

Related Discussions:- Accounts required and their purpose-branches

Answer for Assignment, Transaction Entry Information: May 1 Owener H.Hadi ...

Transaction Entry Information: May 1 Owener H.Hadi invested $40,000 in the business

Determine the net cash provided by operating activities, Van Aalst Company'...

Van Aalst Company's comparative balance sheet and income statement for last year appear below: Comparative Balance Sheet

T-account, Received 10,000 contribution from bill london in exchange for co...

Received 10,000 contribution from bill london in exchange for common stock What 2 accounts are used

Question, A. Material Sampling -Analyzing Direct Material Costs You are r...

A. Material Sampling -Analyzing Direct Material Costs You are reviewing a cost proposal, which includes an $800,200 direct material estimate. After Initial examination of the pr

Net present value evaluation of proposed investment, Q. Net present value e...

Q. Net present value evaluation of proposed investment? WORKINGS Fixed costs = 4·50 × 100000 = $450000 per year Annual writing down allowance = 3000000/10 = $300000

Calculate the var, An investment has a 92% chance of making a profit of $10...

An investment has a 92% chance of making a profit of $10 million, a 1.5% chance of losing $4 million, a 3% of losing $6 million, and a 3.5% chance of losing $16 million. A) W

Auditing., assess the risk of material misstatement at assertion level

assess the risk of material misstatement at assertion level

State the accounting as an information system, State the Accounting as an i...

State the Accounting as an information system We know that accounting can be seen as provision of a service to 'clients'. Another way of viewing accounting is as a part of busi

Explain about tax ramifications, Q. Explain about Tax Ramifications? i)...

Q. Explain about Tax Ramifications? i) Exercise price effects capital gains of individual and effects compensation expense used by corporation for calculating company's compens

Financial mathematics, abc limied is considering whether to invest $90000 ...

abc limied is considering whether to invest $90000 in the purchase of a new item of equipment. The equipment would be paid for with a down-payment of $60000 and the payment of the

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages