To account for expenses paid by head office on behalf of the branch, the branch…

Accounts - Principles of Accounts JAMB 2001

To account for expenses paid by head office on behalf of the branch, the branch should?

  • debit head office account and credit cash
  • debit profit and loss account and credit headoffice account checkmark
  • credit cash and debit profitand loss account
  • credit profit and loss account and debit head office account

The correct answer is: B

Explanation

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