Under Final A/c system, the profit or loss made by the branch is determined by preparing

Related MCQs

• In final account system, Branch Trading and Profit & Loss A/c is prepared at ________
• Under debtors system which account is prepared by head office to calculate profit or loss of each branch:
• Branch Trading &Profit & Loss A/c is only a _________ account not forming part of the full accounting system.
• The Branch Account prepared under Final Account System is the nature of:
• HO sends goods to branch at 20% profit on invoice price, therefore the percentage of profit on cost comes to ______
• Branch Trading & Profit & Loss A/c is prepared to incorporate all _____
• The stock reserve for unrealised profit will be ________ to the H.O profit & Loss A/C
• When Branch pays expenses for H.O. the following account is debited in the books of the branch _______
• 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 ______