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The branch current account records

Accounts - Principles of Accounts
WAEC 2016

The branch current account records

  • A. Head office transactions with the branch
  • B. Branch transactions with the head office
  • C. Goods sent to branch at selling price
  • D. Cash received from branch as sales
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Correct Answer: Option A
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
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts