Branch accounts in the head office books - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 11:

• JAMB 2005

The head office of Emeka Stores maintains the financial accounts of all its branches. The branch store account in the head office serves as the branch?

A. Debtors' account
B. Trading account
C. Expenses account
D. Cash account

Question 12:

• JAMB 2005

In reconciling the branch and head office accounts, remittance in transit in the branch books is treated as a?

A. Debit entry
B. Credit entry
C. Contra entry
D. Reversal entry

Question 13:

• JAMB 2006

Head office sends goods to its branch at cost plus mark-up of of 25%. A debit of N40,000 to the branch stock account in the head office books will indicate that the head office has sent goods with a profit of

A. N4000
B. N6000
C. N10000
D. N8000

Question 14:

• JAMB 2007

Use the information below to answer question
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
Determine the closing stock?

A. N5 500
B. N6 500
C. N2 500
D. N4 500

Question 15:

• JAMB 2007

Use the information below to answer question .
Stock (1/1/02) at selling price..........N2000
Goods sent to branch (selling price).....N?
Sales by branch (selling price)..........N4500
Stock (31/12/02).........................N?
Opening stock is 1/4 of goods sent to branch.
The value of goods sent to branch is?

A. N4 000
B. N6 000
C. N8 000
D. N2 000