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

How to prepare annual financial statements, "Government departments should ...

"Government departments should take audit report seriously by preparing annual financial statement on time".... Based on the above statement, suggest ways on how government depa

Prepaid expenses in the trial balance sheet, The following details are ta...

The following details are taken from the accounting records of the company as at 30 June 2010: Debit Credit Sales revenue 49,950,000

Objective type question, 1 The entry establishing a $175 petty cash fund wo...

1 The entry establishing a $175 petty cash fund would include a: a) debit to cash for $175 b) credit to Petty cash for $175 c) debit to petty cash for $175 d) debit to miscellaneou

What will the t-account of the banking system, Suppose that the Fed buys $1...

Suppose that the Fed buys $1 million of bonds from the First National Bank. If the First National Bank and all other banks use the resulting increase in reserves to purchases bonds

Determine the npv and annual savings, Joe has two children, Sydney age 5 a...

Joe has two children, Sydney age 5 and William age 2, that he wants to provide for their education funding.  Currently, tuition is $10,000 per year and tuition inflation is 6%.  Jo

Ticket Id - EM131058373M27, hello, i have got my answer, but i don''t know ...

hello, i have got my answer, but i don''t know the PART C why doesn''t calculate "working capital: 60000"?????? can not find match number in the solution table

Goodwynn & wolf incorporated, Nine years ago, Goodwynn& Wolf Incorporated s...

Nine years ago, Goodwynn& Wolf Incorporated sold a 16-year bond issue with a 11% yearly coupon rate and a 10% call premium. Today, G&W known as the bonds. The bonds originally were

What are the cash collections in sept. from accounts rec.?, Wright Corporat...

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $243,339, $313,087, and $415,174, respectively

What is short sale, Q. What is Short Sale? Short Sale - Sale of an item...

Q. What is Short Sale? Short Sale - Sale of an item before it is purchased. A person entering into a short sale believes that the price of item will decline between date of the

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