Accounting Questions and Answers

Gross profit in the branch adjustment account is transferred to the branch?

The amount of each invoiced goods sent to the branch is debited to?

The necessary accounts to be opened on the issue of ordinary share capital are?

Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975 
Sundry expenses ...................N200

What is the total expenses?

Goods from head office................N13,400
Returns to head office ...............N118
Rates and insurance paid .............N188
Wages paid ...........................N913
Cash remitted to head office..........N16,625
Stock at 1/1/2000.....................N1,875
Rents paid ...........................N325
Stock at 31/12/2000 ..................N1,975 
Sundry expenses ..................N200

The profit realized from the trade is