Question on: JAMB Accounting - 2018
To account for expenses paid by head office on behalf of the branch, the branch should___________
A
Debit profit and loss account and credit head office account
B
Debit head office account and credit cash
C
Credit cash and debit profit and loss account
D
Credit profit and loss account and debit head office account
Ask EduPadi AI for a detailed answer
Correct Option: A
At the head office, expenses incurred on behalf of the branch will also be debited to the branch account. Also, in the branch books, there will be head office accounts.
Add your answer
Please share this, thanks!
No responses