Which of the following statement is correct about the head office current account and the…

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Accounts - Principles of Accounts JAMB 1995

Which of the following statement is correct about the head office current account and the branch current account?

  • Both always have debit balances
  • both always have credit balances
  • the head office current account has a credit balance while the branch current account has a debit balance
  • the head office current account has a debit balance while the branch current account has a credit balance checkmark

The correct answer is: D

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