Branch Accounting
This query is : Resolved
Prashant Kumar Gupta
(Querist)
27 August 2010
I transfer stock at cost of 2000/- to branch. Now branch sold 1040/- (1000 item cost + 40 Vat). They send sales invoice & Cash to head office.
what all entry done at head office.
what all entry done at head office.
27 August 2010
IN HEAD OFFICE
1. FOR RECEIPT OF GOODS
GOOD T/F FROM BRANCH DR2000/-
TO BRANCH 2000/-
2. FOR SALE , IF CASH SALES THEN
CASH DR 1040
TO SALES 1000/-
TO VAT PAYABLE 40/-
3. FOR CASH T/F
BRANCH DR 1000
TO CASH 1000
1. FOR RECEIPT OF GOODS
GOOD T/F FROM BRANCH DR2000/-
TO BRANCH 2000/-
2. FOR SALE , IF CASH SALES THEN
CASH DR 1040
TO SALES 1000/-
TO VAT PAYABLE 40/-
3. FOR CASH T/F
BRANCH DR 1000
TO CASH 1000
CMA Ramesh Krishnan
(Expert)
27 August 2010
You need to pass Dr. Bank/Cash Cr. Respective Branch remittance a/c
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