Branch stock account is a practical means of controlling stock at

Related MCQs

• Which of the following statements is/are true? (i) Drawings Account is a Nominal Account (ii) Capital Account is a Real Account (iii) Sales Account is a Nominal Account (iv) Outstanding salaries account is a Nominal Account (v) Patents Account is a Personal Account
• Goods are sent to branch at cost plus 20% .If closing stock of the branch is Rs 60,000 at invoice price, Rs____ will be credited to stock reserve a/c.
• When branch A sent goods to branch B in the books of branch A debit is given to
• Branch account under stock and debtors system is a ________ account
• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is i. Debit Bills Receivable Account ii. Debit Drawee‘s Account iii. Credit Drawee‘s Account iv. Credit Sales Account
• When a branch purchases fixed assets and the assets account is to be kept in the books of the head office, the branch makes the following entry
• Branch account under debtors system is a _______ account
• Goods sent to branch account is closed by transferring the balance to_____ account
• Under Stock & Debtors system, which account is prepared by H.O to ascertain the Gross Profit earned by the branch: