Under stock and debtors system, which of the following accounts is prepared with a view to ascertain Gross Profit of the Branch?

Related MCQs

• Under Stock & Debtors system, which account is prepared by H.O to ascertain the Gross Profit earned by the branch:
• Opening Debtors, Collection from Debtors and Discount Allowed were `3,15,000; `18,30,000 and `35,000 respectively. If the closing debtors were 20% of credit sales of the period then closing debtors and credit sales would be
• __________Account is prepared with a view to ascertain the gross profit of branch.
• P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. _______ profit is credited.
• Under debtors system which account is prepared by head office to calculate profit or loss of each branch:
• Consider the following data pertaining to a company for the year 2011-2012 : Opening balance of sundry debtors ` 40,000; Credit sales `4,30,000; Cash sales ` 20,000; Cash collected from debtors `4,00,000; Closing balance of sundry debtors ` 50,000 The bad debts of the company during the year are
• The entry to record the collection of cash from Sundry Debtors would involve a (i) Debit to Sundry Debtors (ii) Debit to Cash Account (iii) Credit to Sundry Debtors (iv) Credit to Cash Account
• Branch account under stock and debtors system is a ________ account
• Under______ system branch profit or loss is ascertained by preparing branch accounts
• From the following details find out the amount to be debited to Profit and Loss A/c as fresh provision for doubtful debts during 2012-13 Debtors ` 30,000 as on 31.03.2013; Bad debt during the year ` 1,500; Provision for bad debts as on 01.04.2012 ` 2,000; Provision for doubtful debts to be kept at 5% of total debtors