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Partnership 1 - Practice 5 page 15-19

on May 06, 2020

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Hire Purchases - Exercise 2( HP Interest Suspense Method )

Types of Business Entities in Malaysia

Extracted from : Types of Business Entities in Malaysia

Branch Accounts - Decentralized System

Learning Objective i) Understand the reasons for a branch to keep its own books ii) Make ledger entries in the books of head office and branch iii) Reconcile Branch Current Account with Head Office Current Account iv) Make adjustments to transit items and allowance for unrealised profit v) Prepare financial statements for head office, branch and whole business. 28.1 Decentralised system Decentralized branch is also known as autonomous branch where the branch keeps its own books as the branch is large or geograpically seperate from the head office ( Example :far away from head office) If the branch has its own full accounting system it gives an easier way of calculating branch profit. Under Decrentralised accounting system, two sets of books are kept. One in the head office and another in the branch. A current account is used to record transactions between them in order to link them together The current account is kept to record the transactions th...

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Partnership 1 - Practice 5 page 15-19

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