Jamb Accounts - Principles of Accounts Questions - Head office account
Question 1:
To account for expenses paid by head office on behalf of the branch, the branch should?
- A Debit head office account and credit cash
- B Debit profit and loss account and credit headoffice account
- C Credit cash and debit profitand loss account
- D Credit profit and loss account and debit head office account
Question 2:
To account for expenses paid by head office on behalf of the branch, the branch should___________
- A Debit profit and loss account and credit head office account
- B Debit head office account and credit cash
- C Credit cash and debit profit and loss account
- D Credit profit and loss account and debit head office account