Selling price
Fixed percentage on cost
Cost price
Invoice price
Correct answer is C
Goods are transferred from head office to branch at cost price, selling price and cost price plus mark up
Bonus
Goodwill
Premium
Commission
Correct answer is B
Goodwill is the excess of the purchase consideration over the total value of an entity
Partners salaries
Interest on capital
Interest on loans
Partners drawings
Correct answer is C
Is charged in the profit and loss account as finance expenses
Debit entry
Contra entry
Credit entry
Reversal entry
Correct answer is A
A contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account
When cash is remitted from the branch
Dr Bank account
Cr Branch account
Or
Dr Remittance from bank
Cr Remittance from branch
Which of the following is not a type of branch?
Dependent branch
Foreign branch
Independent branch
Single branch
Correct answer is D
No explanation has been provided for this answer.