Goods sent by HO but not received by branch before the end of the year, by debiting it to goods in transit, which account should be credited?

Related MCQs

• 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.
• H.O. sent Rs 5000 as petty cash to branch during the year. Opening and closing balances of petty cash was Rs 1400 and Rs 400 respectively. Then petty expenses of the branch during the year will be ______
• The difference between goods sent by H.O. and received by branch is known as _______
• When Branch pays expenses for H.O. the following account is debited in the books of the branch _______
• When shares are forfeited, the share capital account is debited with ________ and the share forfeiture account is credited with __________.
• The excess price received over the par value of shares, should be credited __________.
• Stock and debtors system is generally used when goods are sent to the branch at _____
• H.O. sent goods to branch at invoice price 50% plus on original price. How many percentage of profit will be on Invoice price?
• The Branch Account prepared under Final Account System is the nature of:
• The balance of branch adjustment account is transferred to _________ account