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Accounting Branch Transactions Quiz

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Questions and Answers

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?

$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?

$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?

$5,30,000 Signup and view all the answers

What is the value of the Debtors and Creditors in the Head Office's books?

$50,500 Signup and view all the answers

What is the balance in the Head Office Current Account in the Head Office's books?

$1,33,710 Signup and view all the answers

What is the opening stock value in the Head Office's ledger?

18,901 Signup and view all the answers

In the Branch Account, what is the value of the closing stock?

10,250 Signup and view all the answers

What is the gross profit calculation based on the information provided?

15,665 Signup and view all the answers

In the trial balance, what category does 'Fixed Assets' fall under?

Current Assets Signup and view all the answers

How are goods transferred from Head Office to the Branch invoiced?

At cost price plus 10% Signup and view all the answers

Based on the provided information, what is the value of the Stock Reserve on 1st Jan., 20X1?

34,567 Signup and view all the answers

What is the formula used to calculate Gross Profit at the outlet?

Retail Price - Wholesale Price Signup and view all the answers

In the context of branch accounting, what are independent branches expected to maintain?

Complete records of their transactions Signup and view all the answers

How is the opening stock value calculated for Stock Reserve Account?

$30,000 \times 25$ Signup and view all the answers

What is used to calculate Goods lost by fire in the accounting context provided?

Opening Stock + Goods Sent - Gross Profit Signup and view all the answers

How is the closing stock value calculated for Stock Reserve Account?

$36,000 \times 25$ Signup and view all the answers

What financial statement can be prepared for each independent branch due to maintaining comprehensive account books?

Separate trial balance Signup and view all the answers