Branch & head office
This query is : Resolved
26 February 2014
Head office is in Mumbai & branch is in Hyderabad.Prfit earned by Hyderabad branch in a particular accounting year is to be transferred to head office in the books. Than what accounting entry to be passed.
The situation is head office sells the goods to hyderabad branch at cost.And than hyderabad branch sells the goods After their profit margin .....so all the net profit the client want to appear in single account i.e in head office accounts .....
So can anyone suggest me the accounting entry to passed.
The situation is head office sells the goods to hyderabad branch at cost.And than hyderabad branch sells the goods After their profit margin .....so all the net profit the client want to appear in single account i.e in head office accounts .....
So can anyone suggest me the accounting entry to passed.
28 February 2014
in branch books
P&L Dr
To HO
Profit of branch a/c being trf to HO
--------------------------------------
in HO Books
Branch Cr.
To P&L
Profit of branch being trf in HO books
in case of loss, reversal treatment of same
P&L Dr
To HO
Profit of branch a/c being trf to HO
--------------------------------------
in HO Books
Branch Cr.
To P&L
Profit of branch being trf in HO books
in case of loss, reversal treatment of same
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