Question

which account is used for transaction concerned with head office supplying resources to the branch
A. joint venture account
B.current account
c. Branch account
D capital account​

Answer 1

Answer:

The head office will maintain, in its books, “Branch Account” to which goods or cash sent will be debited: When cash is received from the branch, the Branch Account will be credited. ADVERTISEMENTS: ... The balance in the account shows how much money is owing to the head office.

Answer 2

The current account is used for transactions concerned with the head office supplying resources to the branch.

• Joint Venture Account:- A joint venture account is set up to track the venture's profits. It is debited for the venture's expenses and credited for collections and sales. The venture profits are determined by the excess balance of the credit side over the debit side. Profits are transferred to the co-venture accounts in accordance with their profit-sharing ratios.
• Current Account:- A Current Account, also known as a financial account, is a type of deposit account maintained solely or jointly for regularly carrying out large value transactions. Current Accounts are used for liquid deposits and, unlike Savings Accounts, do not pay interest. Current accounts are typically opened by business owners, such as sole proprietors, partnership firms, trusts, associations of persons, public and private corporations, and so on. It enables customers to deposit and withdraw funds at any time without notice. The account is ideal for making cheque payments to creditors. The primary goal of a current bank account is to allow business people with accounts to conduct financial transactions smoothly.
• Branch Account:- Branch accounting is an accounting system that maintains separate records or accounts for each branch office. Branches create Trial Balances, Balance Sheets, and Profit and Loss account statements separately during the branch accounting process. It is primarily associated with the efficient internetworking between a branch and a head office, in which each branch office will keep their books in accordance with generally accepted accounting principles and then send them to the head office so that those branch account particulars can be combined with those of other units.
• Capital Account:- In accounting, the capital account refers to the general ledger that records transactions involving the owners' funds, i.e., their contributions and earnings earned by the business after adjusting for distributions such as dividends. In the case of a corporation, it is reported on the balance sheet under the equity side as "shareholders' equity." It is, however, referred to as "owner's equity for a sole proprietorship."

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