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

the extra amount to be paid , The purchase of a car needs a $23,410 loan t...

The purchase of a car needs a $23,410 loan to be repaid in monthly installments for 4years at 12% annual real interest rate. If annual inflation rate is 4%, find the extra amount t

Income statement, what is the formulae for calculating Net income?

what is the formulae for calculating Net income?

Principles of banking and finance, Q. Principles of banking and finance? ...

Q. Principles of banking and finance? An introduction to the principles of banking and finance. It covers a broad variety of topics using an economic perspective and aims to gi

Calculate economic profit, Calculate Economic profit: Suppose a monopo...

Calculate Economic profit: Suppose a monopolistically competitive firm is facing the following demand and cost information. a. If the firm is a profit maximizer, how

Cst , how to account cst collected

how to account cst collected

As an expense and an asset-survivorship policy, As an expense and an asset ...

As an expense and an asset This approach tries to resolve the differences between the two methods by ensuring that we show an asset that may materialize or crystallize and at t

What would be the balance in the paid-in capital, Horton Co. was organized ...

Horton Co. was organized on January 2, 2010, with 500,000 authorized shares of $10 par value common stock. During 2010, Horton had the following capital transactions: January 5-iss

Financial statements, Describe the following questions:- Q.1 Explain how...

Describe the following questions:- Q.1 Explain how financial statements assist in the capital allocation process. How are financial statements limited? Which financial statement

Write up the necessary ledger accounts, Question: Agatha Co. is a tradi...

Question: Agatha Co. is a trading company making up its accounts regularly to 31 December each year. At 01 January 2005 the following balances existed in the records of Agat

Dissolution-liquidation of companies, Dissolution If the winding up con...

Dissolution If the winding up continues for more than a year, the liquidator must file progress reports with the registrar at such intervals as the court may prescribe s.333. W

Write Your Message!

Name

Email id

Message

Verfication Code

User Account

All Pages