Accounts required and their purpose-branches, Financial Accounting

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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

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