Branch accounts
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 March 2012
in a question under debtors method it has been asked to pass journal entries..however in the suggested sollutions there is no entry for opening bal i.e branch ac dr. to opening stock .. why is it so ?
10 March 2012
All the branch balances are closed at the year end and the same will be transferred to Balance sheet( using prefix as branch debtors, branch stock etc).. These are opened with by way of opening balances at the year beginning.
For such
Branch a/c
to Branch Assets
Branch liabilities a/c
to Branch a/c
entries are required.
In suggested answers you can see
To opening balance instead of writing individual entries.
For such
Branch a/c
to Branch Assets
Branch liabilities a/c
to Branch a/c
entries are required.
In suggested answers you can see
To opening balance instead of writing individual entries.
02 April 2012
Yes I agree with the expert and no exyra addition or deletion is required
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