Accounting

Joint Bank Account A joint bank account functions just like a standard banking account, except that two or more people on the account. It is…

Personal Account of Co-venture The co-venturers account is debited with goods and sales proceeds were taken over, remittance share of profit. Similarly, the personal account…

Joint Venture Account This account is prepared to ascertain the profit or loss on a joint venture. This account represents the results of the business,…

Foreign Branches Because of the rapid development of trade, commerce, and industries and with the growing tough competition, the business enterprises are opening their branches…

Independent Branch The branches that can keep their accounts themselves and sell goods that are sent by the head office, as well as those purchased…

Dependent Branch Dependent branches are the branches that do not keep their records but all the records are maintained by head office. It is a…

Concept of Branch The recent process of globalization and its development hit all the nations of the world for their rapid development of trade, commerce,…

Independent Branch, like the Head Office, keeps all its records separately and independently on Double Entry System. Branch accounting is a bookkeeping system in which…

Accounting Treatment of Abnormal Loss in Accounting for Branch The loss of goods sent by the head office to the branch which is caused by…

Accounting Treatment of Normal Loss in Accounting for Branch The normal loss is a loss of natural phenomena. It is the expected loss or the…

Departmental Accounting refers to maintaining accounts for one or more branches or departments of the company. It is about the preparation of final accounts taking…

Accounting Treatment of Goods in Transit Goods in transit refer to inventory items and other products that have been shipped by a seller but have…