WAEC - Accounts Principles Of Accounts (2016 - No. 38)
The branch current account records
Head office transactions with the branch
Branch transactions with the head office
Goods sent to branch at selling price
Cash received from branch as sales
Explanation
Branch current account; This account is maintained in the head office books to record all transactions between head office and branch. This account is debited with the following
- Goods sent to branch
- Expenses of the branch paid by the head office
- Profit of the branch
This account is credited with the following
- Cash received from the branch
- Goods returned by the branch
Comments (0)
