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The branch expenses paid by the head office is recorded in the books by debiting...

Accounts - Principles of Accounts
JAMB 2010

The branch expenses paid by the head office is recorded in the books by debiting branch?

  • A. bad debt account and crediting branch debtor's account
  • B. expenses account and crediting bank account
  • C. profit and loss account and crediting branch stock account
  • D. discount allowed account and crediting branch debtors' account
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Correct Answer: Option B
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

From the above explanation, we would debit expenses account and crediting the bank account

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now