stock reserve in relation to closing stock appears...
a)debit side of branch account
b)credit side of branch account
c)debit side of profit and loss account
d)credit side of profit and loss account
Answers
Answer:
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Explanation:
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Answer:
Correct option is: a)debit side of branch account
stock reserve in relation to closing stock appears on debit side of branch account.
Explanation:
On the debit side of the branch account, the opening cash balance is debited, and a further sum is sent from Head Office to the branch. The closing balance of Petty Cash is credited to Branch Account at the end of the day, petty expenses are charged to Branch Account automatically.
- Head Office does not record the allowed discount, and bad debts are written off.
- Returns from Branch Debtors, for example, are taken into account when preparing the Branch Debtors Account.
- The Branch Account does not reflect depreciation of Branch fixed assets. The Branch Account, on the other hand, is debited with the value of fixed assets at the start of the accounting period and credited with the value of fixed assets at the end.
As a result, the difference, i.e. depreciation, is charged automatically. stock reserve in relation to closing stock appears on debit side of branch account.