Accounting

Methods of Keeping Joint Venture Account

Methods of Keeping Joint Venture Account

Methods of Keeping Joint Venture Account A Joint Venture is a temporary form of business, where two or more persons join together to meet the short term objectives. Mainly there are two ways of keeping a joint venture account. Both base the need to consolidate an organization’s accounting books.....

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Co-ventures Account

Co-ventures Account

Co-ventures Account Like the capital accounts in partnership, the co-venture account is opened in a joint venture. Co-venture is a business project or enterprise undertaken jointly by two or more companies, each sharing in the capitalization and in any profits or losses. It is credited with the i.....

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Joint Bank Account

Joint Bank Account

Joint Bank Account A joint bank account functions just like a standard banking account, except that two or more people on the account. It is just like a cash book. It is simply an account that you can share with your partner, housemates, or family. It records all the cash and bank transactions. I.....

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Personal Account of Co-venture

Personal Account of Co-venture

Personal Account of Co-venture The co-venturers account is debited with goods and sales proceeds were taken over, remittance share of profit. Similarly, the personal account is credited with cash, goods supplied by the co-ventures. Co-venture is a business project or enterprise undertaken jointly.....

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Joint Venture Account

Joint Venture Account

Joint Venture Account This account is prepared to ascertain the profit or loss on a joint venture. This account represents the results of the business, that is, profit or loss. A joint venture account is debited and a bank account or credit account is credited on the account of goods purchased or.....

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Foreign Branches

Foreign Branches

Foreign Branches Because of the rapid development of trade, commerce, and industries and with the growing tough competition, the business enterprises are opening their branches abroad in order to capture the potential market and accelerate their business globally. A foreign branch office is a rep.....

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Independent Branch

Independent Branch

Independent Branch The branches that can keep their accounts themselves and sell goods that are sent by the head office, as well as those purchased by themselves, are known as independent branches. When the size of the branches is very large their function becomes complex. Independent Branch, lik.....

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Dependent Branch

Dependent Branch

Dependent Branch Dependent branches are the branches that do not keep their records but all the records are maintained by head office. It is a branch that is dependent upon the Head Office mainly for “Goods and Cash”. They are not authorized to act solely without the prior permission of the h.....

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Concept of Branch

Concept of Branch

Concept of Branch The recent process of globalization and its development hit all the nations of the world for their rapid development of trade, commerce, and industries. In order to increase the volume of profit, it is the primary aim of all business enterprises to increase their volume of sales.....

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Accounting Records of Independent Branch

Accounting Records of Independent Branch

Independent Branch, like the Head Office, keeps all its records separately and independently on Double Entry System. Branch accounting is a bookkeeping system in which separate accounts are maintained for each branch or operating location of an organization. It has its own Bank Account. It record.....

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Accounting Treatment of Abnormal Loss in Accounting for Branch

Accounting Treatment of Abnormal Loss in Accounting for Branch

Accounting Treatment of Abnormal Loss in Accounting for Branch The loss of goods sent by the head office to the branch which is caused by avoidable abnormal conditions or carelessness is called the abnormal loss, for example, loss of goods by theft, fire, riots, accident, etc. So, it is the type .....

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Accounting Treatment of Normal Loss in Accounting for Branch

Accounting Treatment of Normal Loss in Accounting for Branch

Accounting Treatment of Normal Loss in Accounting for Branch The normal loss is a loss of natural phenomena. It is the expected loss or the loss which is anticipated prior to the production. It is the loss in the number of goods in the normal going business due to some unavoidable actions such as.....

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