Planning to sleep well nights before the exams? Thus, the Branch keeps frill system of accounting. The full eCourse Package along with the required … The branches that can keep their accounts themselves and sell goods that are sent by the head office, as well as those purchased by themselves, are known as independent branches. A special feature is that the Head Office Current Account in the books of Branch and Branch Current Account in the books of Head Office are maintained on a reciprocal basis. These are the branches which can sell the goods to the head office too. Create your own unique website with customizable templates. That is, all transactions relating to Head Office are recorded in this Account. (ii) Goods worth Rs. Thus, the Branch keeps the frill system of accounting. C   D   Did you manage to finish the test papers on time? The balances on these Current Accounts should be same, but in opposite sides, in both the set of books. Get CA Final video classes from CAKART.in. When the size of the branches is very large their function becomes complex. On sending them, the Branch Current Account is debited in the books of Head Office. Copyright 10. The branch which establish its own double-entry No branch need carry an account with any other Branch. Download material                Depreciation is to be charged @ 10% p.a. Content Filtrations 6. 100 dividend to a local shareholder on behalf of the HO. There may be inter-branch transactions.

Differences are reconciled. Report a Violation, Branch Maintaining Own Books: Entry by Head Office, Maintaining Accounts of a Dependent Branch (With Procedure), Accounting Procedure Regarding Farm Account (6 Illustrations). A Head Office at Mumbai has Branch at Kolkata. Sign in.

Independent branches are those branches which maintain separate books of accounts completely and their profit & loss statement and Balance sheets are maintained separately from their Head office. The profit is transferred from Branch Account, under Debtors System or Branch Adjustment Account, under Stock Debtors System to General Profit and Loss Account. When the in-transit goods or cash is received by the recipient, the entries made should be reversed and thus Transit Account is closed. remember every thing is possible in this world.

Dependent Branches are those with little power and depend on Head Office for their supplies and expenses and is like a Minor Son. READ MORE, Suphalaam Technologies Pvt LTD, No-343 (Sierra Cartel), 9th main Road,22nd cross, HSR layout Sector-7, 560102. SA 200 (Revised) “Overall Objectives of the Independent Auditor and Conduct of Audit in accordance with SAs”, Manner of selection of an Independent Director-Section 150. The corresponding entry is not passed in the Branch books, if the items are not received by them. The Trial Balance as on 31st December 2005 is as follows: (B) Incorporation of Net Profit/Loss, Liabilities and Assets of Branch: Instead of transferring all the items, the Branch may prepare a Trading and Profit and Loss Account and only the Net Profit or Loss may be transferred to Head Office with or without assets and liabilities. Independent Branch keeps a complete set of books. Give journal entries for incorporation of Delhi Branch Accounts in the Head Office and the Branch Account in Head Office books after incorporating therein the assets and liabilities. Home page               Forgot your password? Privacy Policy 8. Ordinarily, the balance shown by Branch Current Account in Head Office books is equal to the balance shown by Head Office Current Account in Branch books. (1) For goods supplied by head office to branch: (2) For cash remitted by head office to branch: (4) For cash remitted by the branch to head office: (5) For assets purchased by the branch on behalf of head office: (Being depreciation on branch fixed assets), (Being depreciation of branch fixed assets), Discuss Different Form of Letter of Credit, Advantages And Disadvantages Of Financial Accounting, Annual Report 2012-2013 of Bangladesh Krishi Bank, Discuss on Accounting for Equity Securities, Accounting Methods of Recording Hire Purchase Transactions, Last in first out (LIFO) cost flow method, Concept of Cost-Volume-Profit Analysis (CVP Analysis). The books contain an Account called “Head Office Account” or “Head Office Current Account” which is credited with everything received from the Head Office and debited with everything sent to Head Office. Inter-branch transactions are treated as the transactions with the Head Office.

25. 1. The following are the journal entri…

These are branches that are independent in that the accounting work is done by branches and they operate with high degree of independency. It prepares its own trial balance and final accounts. What are the documents to be submitted to the AD bank at the time of closure of the Liaison/ Branch Office? It has its own Bank Account. Have you attempted mock tests or practice tests yet? It prepares its own Trial Balance, Trading and Profit, and Loss Account and Balance Sheet.

is to be charged on Furniture at Puttur costing Rs. The Branch has debited the amount to Salaries account. Ltd. All rights reserved. The Head Office and Branches close their books of Account on 31st December. A Company at Chennai has two branches at Mysore and Bangalore.

A complete set of accounting books are maintained at the branch level. Plagiarism Prevention 4. Advertise. Similarly, Head Office may send cash or goods to Branch. What are the various streams of accounting? Procedure for Maintaining Accounts of an Independent Branch! Branch accounting is a bookkeeping system in which separate accounts are maintained for each branch or operating location of an organization. ©2015 Suphalaam Pvt. Distinguish between independence of events and mutual exclusivity of events with the help of example. I   J   (5) A remittance of Rs. This is dealt with separately. It records such items as inventory, accounts receivable, wages, equipment, expenses such as rent and insurance, and petty cash. What are the Accounting entries for branch accounts? winners make things happen, losers let things happen.

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