Question

if any fixed assets of the branch is sold during the year where will be the entry of profit and loss on sale appears in branch accounts​

Answer 1

Answer:

In branch accounting, each branch (defined as a geographically separate operating unit) is treated as an individual profit or cost center. Its branch has its own account. In that account, it records such items as inventory, accounts receivable, wages, equipment, expenses such as rent and insurance, and petty cash