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DIFFERENCE BETWEEN DEPARTMENTAL AND BRANCH ACCOUNTING

Posted on September 30, 2019 By commerceiets No Comments on DIFFERENCE BETWEEN DEPARTMENTAL AND BRANCH ACCOUNTING
DIFFERENCE BETWEEN DEPARTMENTAL AND BRANCH ACCOUNTING

The difference between Departmental and Branch Accounting is as follows: DEPARTMENTAL ACCOUNTING Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department are recorded and reported separately. The departments are then consolidated into the accounts of the head office to prepare the financial statements of…

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FINANCIAL ACCOUNTING, KEY DIFFERENCES

INCORPORATION OF BRANCH TRIAL BALANCE

Posted on September 30, 2019 By commerceiets No Comments on INCORPORATION OF BRANCH TRIAL BALANCE
INCORPORATION OF BRANCH TRIAL BALANCE

INCORPORATION OF BRANCH TRIAL BALANCE Branch and Head office belongs to the same owner. It is must to prepare the consolidated accounts of both. To prepare the consolidated accounts of the head office, the branch trial balance is incorporated in the books of the Head Office. The Incorporation of Trial Balance means the recording or…

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FINANCIAL ACCOUNTING

METHODS OF BRANCH ACCOUNTING

Posted on September 30, 2019 By commerceiets No Comments on METHODS OF BRANCH ACCOUNTING
METHODS OF BRANCH ACCOUNTING

METHODS OF BRANCH ACCOUNTING Branch Accounting means recording of business transactions of a branch for the purpose of calculating its profit or loss for an accounting period. OBJECTIVES OF BRANCH ACCOUNTING TO ASCERTAIN PROFIT OR LOSS AT BRANCH: Every business house wants to measure the performance of its branches separately. Hence, separate records for each…

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FINANCIAL ACCOUNTING

DIFFERENT TYPES OF BRANCHES

Posted on September 29, 2019 By commerceiets No Comments on DIFFERENT TYPES OF BRANCHES
DIFFERENT TYPES OF BRANCHES

DIFFERENT TYPES OF BRANCHES Branches are the various divisions of business located in different places either in the same town or in different towns. Main business house can be called Head Office which controls the affairs of the branches. Branches may be opened for the purchase of raw materials, production of goods, purchase of goods,…

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FINANCIAL ACCOUNTING

INTER-DEPARTMENTAL TRANSFERS

Posted on September 29, 2019March 25, 2025 By commerceiets
INTER-DEPARTMENTAL TRANSFERS

INTER-DEPARTMENTAL TRANSFERS The goods transferred by one department to another department is called inter-departmental transfers. The rule applies to inter-departmental transfers is: Debit the Receiver Credit the Giver The department sending the goods is debited and the account of receiving department is credited. Inter-departmental transfers is made on the following basis: INTER-DEPARTMENTAL TRANSFER AT COST…

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FINANCIAL ACCOUNTING

ALLOCATION OF EXPENSES IN DEPARTMENTAL ACCOUNTING

Posted on September 29, 2019 By commerceiets No Comments on ALLOCATION OF EXPENSES IN DEPARTMENTAL ACCOUNTING
ALLOCATION OF EXPENSES IN DEPARTMENTAL ACCOUNTING

Allocation of expenses in departmental accounting Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department are recorded and reported separately. The departments are then consolidated into the accounts of the head office to prepare the financial statements of the company. The Allocation of expenses…

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FINANCIAL ACCOUNTING

METHODS OF DEPARTMENTAL ACCOUNTING

Posted on September 29, 2019 By commerceiets No Comments on METHODS OF DEPARTMENTAL ACCOUNTING
METHODS OF DEPARTMENTAL ACCOUNTING

Methods of departmental Accounting Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department are recorded and reported separately. The departments are then consolidated into the accounts of the head office to prepare the financial statements of the company. A department is defined as a…

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FINANCIAL ACCOUNTING

DEPARTMENTAL ACCOUNTING

Posted on September 29, 2019February 28, 2025 By commerceiets
DEPARTMENTAL ACCOUNTING

DEPARTMENTAL ACCOUNTING Departmental Accounting refers to maintaining accounts for one or more departments of the company. Revenues and expenses of the department are recorded and reported separately. The departments are then consolidated into the accounts of the head office to prepare the financial statements of the company. A department is defined as a part with…

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FINANCIAL ACCOUNTING

DIFFERENCE BETWEEN JOINT VENTURE AND CONSIGNMENT

Posted on September 28, 2019 By commerceiets No Comments on DIFFERENCE BETWEEN JOINT VENTURE AND CONSIGNMENT
DIFFERENCE BETWEEN JOINT VENTURE AND CONSIGNMENT

DIFFERENCE BETWEEN JOINT VENTURE AND CONSIGNMENT The Difference between Joint Venture and Consignment is as follows: JOINT VENTURE Joint venture may be defined as temporary partnership between two or more persons without the use of firm’s name for a specific purpose and limited time period. In other words, two or more persons agree to undertake…

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FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN NORMAL AND ABNORMAL LOSS

Posted on September 28, 2019 By commerceiets No Comments on DIFFERENCE BETWEEN NORMAL AND ABNORMAL LOSS
DIFFERENCE BETWEEN NORMAL AND ABNORMAL LOSS

The Difference between Normal and Abnormal loss is as follows: NORMAL LOSS Normal loss is the loss that occurs due to the nature of the goods consigned. Its nature is as follows: It occurs due to unavoidable reasons. It is due to natural causes such as losses due to evaporation, normal leakage, spoilage, breakdown, drying…

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FINANCIAL ACCOUNTING, KEY DIFFERENCES

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