ACG 4970 Lecture Notes - Lecture 8: List Of The Shield Episodes, Petty Cash, Remittance
4 Oct 2016
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The main object of keeping branch accounts is dependent on the nature of the business and specific need of a particular branch. However, these items will be taken into consideration while ascertaining the amount of opening or closing balance of debtors or amount received from debtors, which are shown in the branch account. Goods in transit: goods in transit is the difference between goods sent by head office and received by the branch. Such goods will be shown either on the both sides of the branch account or will be ignored totally while preparing the branch accounts. When the goods are sent by the head office to the branch at invoice price i. e. , cost plus some percentage of profit, the branch manager is required to sell the goods at invoice price only. Goods are marked on invoice price to achieve the following objectives: (i) (ii)
