Question on: WAEC Accounting - 2016
The branch current account records
A
Head office transactions with the branch
B
Branch transactions with the head office
C
Goods sent to branch at selling price
D
Cash received from branch as sales
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Correct Option: A
Branch current account; This account is maintained in the head office books to record all transactions between head office and branch. This account is debited with the following
- Goods sent to branch
- Expenses of the branch paid by the head office
- Profit of the branch
This account is credited with the following
- Cash received from the branch
- Goods returned by the branch
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