Memoradum branch account is prepared to determine
...Memoradum branch account is prepared to determine
gross profit
credit sales
closing stock
opening stock
Correct answer is A
Memorandum branch account or double column method is prepared to determine the gross profit. They are purely memoradum entries and do not form part of the double entries.
Trade debts amounting to N300 were written off. Which of the following would be affected? ...
Which of the following categories of labour cost will be classified as direct? ...
The realization concept states that ...
Which of the following errors affects the agreement of a Trial balance? ...
A method of charging depreciation at a fixed percentage of the net book value is ...