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Objective 3: Accounting for Inland Depen... > 3.2 Accounting Treatment for Depende...

3.2 Accounting Treatment for Dependent Branches

In general, the H.O. performs accounting functions. Notwithstanding this fact, branches too maintain some of the following accounting records:

Name of the Accounting Records and the Purchase for which they are maintained

  1. Stock Register: To keep a record of
    1. All goods received from H.O.
    2. All sales done at the branch
    3. Goods returned to H.O.
    4. Stock in hand
  2. Cash Book: To record
    1. Cash received on sales
    2. Cash remitted to H.O.
  3. Petty Cash Book:
    1. Petty cash received from the H.O.
    2. Payments to meet incidental expenses
    3. Petty cash in hand (opening and closing)
  4. Customer’s Ledger: To record
    1. Credit sales to customers (with the permission of the H.O.) and details pertaining to it.

     

  5. Branch Returns: A record consisting of
    1. Sales (cash)
    2. Sales (credit)
    3. Expenses
    4. Stock in hand

    (For periodical submission to H.O.)


  

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