To account for expenses paid by head office on behalf of ...
To account for expenses paid by head office on behalf of the branch, the branch should___________
Debit profit and loss account and credit head office account
Debit head office account and credit cash
Credit cash and debit profit and loss account
Credit profit and loss account and debit head office account
Correct answer is A
The head office maintains a book, (branch account) more or less like other personal accounts, so that any expenses incurred on behalf of the branch will also be debited to the branch account. Similarly, in the branch books, there will be head office accounts
The interest on partner's loan is ...
Which of the following rules is applicable in the absence of a partnership agreement? Inte...
Which of the following is a source of local government revenue? ...
Given: Opening cash balance N20,000 Sales of match tickets N15,000 Clearing of pitch N1,200 Refr...
As a basis for assessing future usage, fixed assets are shown at ...
Given: General expenses account. Paid by cheque..................N671 Paid by cash..................