18 Questions
What was the opening stock of the Branch?
$50,460
What was the gross profit of the Branch for the year?
$31,700
What was the balance in the Head Office Current Account in the Branch's books?
$1,29,010
What is the value of the Fixed Assets in the Head Office's books?
$5,30,000
What is the value of the Debtors and Creditors in the Head Office's books?
$50,500
What is the balance in the Head Office Current Account in the Head Office's books?
$1,33,710
What is the opening stock value in the Head Office's ledger?
18,901
In the Branch Account, what is the value of the closing stock?
10,250
What is the gross profit calculation based on the information provided?
15,665
In the trial balance, what category does 'Fixed Assets' fall under?
Current Assets
How are goods transferred from Head Office to the Branch invoiced?
At cost price plus 10%
Based on the provided information, what is the value of the Stock Reserve on 1st Jan., 20X1?
34,567
What is the formula used to calculate Gross Profit at the outlet?
Retail Price - Wholesale Price
In the context of branch accounting, what are independent branches expected to maintain?
Complete records of their transactions
How is the opening stock value calculated for Stock Reserve Account?
$30,000 \times 25$
What is used to calculate Goods lost by fire in the accounting context provided?
Opening Stock + Goods Sent - Gross Profit
How is the closing stock value calculated for Stock Reserve Account?
$36,000 \times 25$
What financial statement can be prepared for each independent branch due to maintaining comprehensive account books?
Separate trial balance
Test your knowledge on accounting branch transactions with this quiz. Practice identifying credits, debits, and balance transfers in branch accounts. Includes a scenario involving Ring Bell Ltd. having a branch at Bombay.
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