Podcast
Questions and Answers
What was the opening stock of the Branch?
What was the opening stock of the Branch?
- $10,400
- $2,22,470
- $50,460 (correct)
- $95,000
What was the gross profit of the Branch for the year?
What was the gross profit of the Branch for the year?
- $52,200
- $31,700 (correct)
- Cannot be determined from the given information
- $1,33,710
What was the balance in the Head Office Current Account in the Branch's books?
What was the balance in the Head Office Current Account in the Branch's books?
- $1,29,010 (correct)
- $1,71,110
- $3,000
- $6,550
What is the value of the Fixed Assets in the Head Office's books?
What is the value of the Fixed Assets in the Head Office's books?
What is the value of the Debtors and Creditors in the Head Office's books?
What is the value of the Debtors and Creditors in the Head Office's books?
What is the balance in the Head Office Current Account in the Head Office's books?
What is the balance in the Head Office Current Account in the Head Office's books?
What is the opening stock value in the Head Office's ledger?
What is the opening stock value in the Head Office's ledger?
In the Branch Account, what is the value of the closing stock?
In the Branch Account, what is the value of the closing stock?
What is the gross profit calculation based on the information provided?
What is the gross profit calculation based on the information provided?
In the trial balance, what category does 'Fixed Assets' fall under?
In the trial balance, what category does 'Fixed Assets' fall under?
How are goods transferred from Head Office to the Branch invoiced?
How are goods transferred from Head Office to the Branch invoiced?
Based on the provided information, what is the value of the Stock Reserve on 1st Jan., 20X1?
Based on the provided information, what is the value of the Stock Reserve on 1st Jan., 20X1?
What is the formula used to calculate Gross Profit at the outlet?
What is the formula used to calculate Gross Profit at the outlet?
In the context of branch accounting, what are independent branches expected to maintain?
In the context of branch accounting, what are independent branches expected to maintain?
How is the opening stock value calculated for Stock Reserve Account?
How is the opening stock value calculated for Stock Reserve Account?
What is used to calculate Goods lost by fire in the accounting context provided?
What is used to calculate Goods lost by fire in the accounting context provided?
How is the closing stock value calculated for Stock Reserve Account?
How is the closing stock value calculated for Stock Reserve Account?
What financial statement can be prepared for each independent branch due to maintaining comprehensive account books?
What financial statement can be prepared for each independent branch due to maintaining comprehensive account books?
