To account for expenses paid by head office on behalf of ...
To account for expenses paid by head office on behalf of the branch, the branch should___________
Debit profit and loss account and credit head office account
Debit head office account and credit cash
Credit cash and debit profit and loss account
Credit profit and loss account and debit head office account
Correct answer is A
The head office maintains a book, (branch account) more or less like other personal accounts, so that any expenses incurred on behalf of the branch will also be debited to the branch account. Similarly, in the branch books, there will be head office accounts
Given: i. The memorandum of association of the company ii. The article of associ...
Which of the following is the least liquid? ...
Which of the following should not be adjusted for in the profit and loss account? ...
The balance sheet is a statement showing ...
A service which a firm has enjoyed, but has not yet been paid for is ...
The working capital of the club is ...
Which of following is a recurrent expenditure in public sector accounting? ...
A book that contains the account for the financial transactions of an organizations is the ...