The owners or the management may desire to ascertain the trading results of each department and the overall result of the organization. The method of accounting which is followed to obtain such results is known as departmental accounting.
In order to increase the sales, business houses are required to market their products over a larger territory and may generally split their business into certain divisions or parts, if the various certain divisions or parts, if the various parts or divisions are located in different parts of the same city as Chandni chowk, Karol bagh, Connaught place, Nehru place (in delhi) or in different cities of the same country as Calcutta, Chennai, Mumbai, Kanpur and Delhi (in india) or in different countries (in the world) as Canada, USA, England, Japan, U.S.S.R and Germany, these are known as branches, head office contracts the activities of various branches
The owners or the management may desire to ascertain the trading results of each department and the overall result of the organization. The method of accounting which is followed to obtain such results is known as departmental accounting.
In order to increase the sales, business houses are required to market their products over a larger territory and may generally split their business into certain divisions or parts, if the various certain divisions or parts, if the various parts or divisions are located in different parts of the same city as Chandni chowk, Karol bagh, Connaught place, Nehru place (in delhi) or in different cities of the same country as Calcutta, Chennai, Mumbai, Kanpur and Delhi (in india) or in different countries (in the world) as Canada, USA, England, Japan, U.S.S.R and Germany, these are known as branches, head office contracts the activities of various branches
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
MEANING OF COMPANY
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
It is the system in which both the aspects i.e. debit as well as credit are recorded in the books of accounts .It records transactions relating to all the accounts i.e. personal, real and nominal.
Trial balance and rectification of errorsItisha Sharma
Trial balance and rectification of errors, Introduction- Specimen of a Trial Balance- Errors and their rectification – Rectification of errors Rectification of errors detected after the preparation of Trial Balance but before the preparation of Final Accounts- Effect of errors on Profit – Rectification of errors appearing after the preparation of Final Accounts
MEANING OF COMPANY
Company is a voluntary association of persons formed for the purpose of doing business having a distinct name and limited liability. It is a juristic person having a separate legal entity distinct from the members who constitute it, capable of rights and duties of its own and endowed with the potential of perpetual succession. The Companies Act, 1956, states that 'company' includes company formed and registered under the Act or an existing company i.e. a company formed or registered under any of the previous company laws.
Branch accounts
A branch is an extension or sub-division of a large business.
Divisions or sections, opened in various parts of a country or the world
with a view to extend business activities or to capture new market is
known as Branches. A branch is a section of an enterprise, geographically
separated from the rest of the business, controlled by a head office.
Departmental accounts are accounts relating to the different
departments or division of a business and are prepared to ascertain
the trading results of each department separately. In short, the
accounts which are prepared to know the profitability of each
department separately are called departmental accounts.
Bookkeeping means systematic recording of day-to-day activities such as financial transactions and expense accrual for a business. The company needs to track such details for making well operational decisions.
This video will help in the understanding of some basic and key concepts of financial accounting. what is financial accounting. what tasks are to be done by the accountants. what is accounting cycle.
The Indian economy is classified into different sectors to simplify the analysis and understanding of economic activities. For Class 10, it's essential to grasp the sectors of the Indian economy, understand their characteristics, and recognize their importance. This guide will provide detailed notes on the Sectors of the Indian Economy Class 10, using specific long-tail keywords to enhance comprehension.
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Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
The Roman Empire A Historical Colossus.pdfkaushalkr1407
The Roman Empire, a vast and enduring power, stands as one of history's most remarkable civilizations, leaving an indelible imprint on the world. It emerged from the Roman Republic, transitioning into an imperial powerhouse under the leadership of Augustus Caesar in 27 BCE. This transformation marked the beginning of an era defined by unprecedented territorial expansion, architectural marvels, and profound cultural influence.
The empire's roots lie in the city of Rome, founded, according to legend, by Romulus in 753 BCE. Over centuries, Rome evolved from a small settlement to a formidable republic, characterized by a complex political system with elected officials and checks on power. However, internal strife, class conflicts, and military ambitions paved the way for the end of the Republic. Julius Caesar’s dictatorship and subsequent assassination in 44 BCE created a power vacuum, leading to a civil war. Octavian, later Augustus, emerged victorious, heralding the Roman Empire’s birth.
Under Augustus, the empire experienced the Pax Romana, a 200-year period of relative peace and stability. Augustus reformed the military, established efficient administrative systems, and initiated grand construction projects. The empire's borders expanded, encompassing territories from Britain to Egypt and from Spain to the Euphrates. Roman legions, renowned for their discipline and engineering prowess, secured and maintained these vast territories, building roads, fortifications, and cities that facilitated control and integration.
The Roman Empire’s society was hierarchical, with a rigid class system. At the top were the patricians, wealthy elites who held significant political power. Below them were the plebeians, free citizens with limited political influence, and the vast numbers of slaves who formed the backbone of the economy. The family unit was central, governed by the paterfamilias, the male head who held absolute authority.
Culturally, the Romans were eclectic, absorbing and adapting elements from the civilizations they encountered, particularly the Greeks. Roman art, literature, and philosophy reflected this synthesis, creating a rich cultural tapestry. Latin, the Roman language, became the lingua franca of the Western world, influencing numerous modern languages.
Roman architecture and engineering achievements were monumental. They perfected the arch, vault, and dome, constructing enduring structures like the Colosseum, Pantheon, and aqueducts. These engineering marvels not only showcased Roman ingenuity but also served practical purposes, from public entertainment to water supply.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
2. Meaning Of Branch Accounting
• Branch accounting is a bookkeeping system in which separate accounts are
maintained for each branch or operating location of an organization. Typically found
in geographically dispersed corporations, multinationals and chain operators, it allows
for greater transparency in the transactions, cash flows and overall financial position
and performance of each branch.
• Branch accounts can also refer to records individually produced to show the
performance of different locations, with the accounting records actually maintained at
the corporate headquarters. But the term usually refers to branches keeping their own
books and later sending them into the head office to be combined with those of other
units.
3. Objectives Of Branch Accounting
• To measure the efficiency of Branch. Branch accounting act as a barometer of measuring the
efficiency of a branch. It tells about the weaknesses and the plus points of a branch.
• To Compute the profit or loss. Branch account helps in finding out the profit or loss of a branch.
Sometimes, Branch Trading and Profit and loss a/c is prepared to calculate profit or loss of a
branch.
• To ascertain the financial position. The Balance sheet explain the financial position of a branch,
as it records assets and liabilities.
• To fulfill legal requirements. The preparation of branch account is necessary to fulfill the
requirements of different acts or laws.
4. Types Of Branches & Methods Of
Accounting
• Dependent Branches
1. Debtors System - Cost Price
Method - Invoice Price Method
2. Final Accounts System
3. Stock and Debtors System
4. Wholesale Branch System
• Independent Branches
1. Foreign Branches
2. Home Branches
i. Incorporation of Branch
ii. Trial Balance in H.O. Books
Method I ( Detailed Method )
Method II ( Abridged Method )
5. Independent Branch
• When the size of the branches is very large, their functions become complex. In such a
situation, it is desirable or practicable for each branch to establish its own double entry book-
keeping system quite separate from those of head office, under this system of branch
accounting, the branches, are treated as separate, independent units. These types of branches
are known as Independent Branches.
• This type of branch records all the transactions in its own books, extracts its own trial balance
and prepares its own Trading and Profit and Loss Account. A copy of the trial balance so
prepared will be forwarded to the head office and the head office will incorporate the same in
its books of accounts so that consolidated Profit and Loss Account and a Balance Sheet can
be prepared for the business as a whole.
6. Features Of Independent Branches
• Independent Trading:- Independent branches are authorized to independent trading. These branches make purchases at its
own and make sales.
• Own Set Of Books Are Maintained:- The independent branches make their own set of books. The books are kept on the
double entry system. The journal, ledger, subsidiary books are maintained of each branch separately. At the end of the year,
only the trial balance prepared is sent to the head office to make the consolidated accounts of whole business.
• Maintenance Of Branch Account:- In case of Independent Branches, the branch account is opened. This account is
debited with the cash or goods sent to branch. It will get credit when cash is received by the head office from the branch. It
is maintained like personal account and it indicates the amount due by the branch to the head office.
• Maintenance Of Head Office Account:- In the books of the branch, the ‘Head Office Account’. This account is debited
with the amount remitted by the branch to the head office and get credited in respect of goods received by the branch from
the head office, cash received and expenses paid by the head office on behalf of the branch. This account appears as the
liability in the branch balance sheet.
7. Dependent Branches
•When the policies and administration of a branch are
totally controlled by the head office, who also
maintains its accounts, the branch is called a
dependent branch.
8. Features Of Dependent Branches
• Does Not Maintain Own Set Of Books:- The dependent branch does not maintain its own set of books. The Head Office
maintains a record of all the transactions. The branch only maintains a Debtor’s Ledger and a Stock Ledger. The Debtor’s
ledger is maintained to find out the money due from debtors of the branch is authorized to sell goods on credit. The stock
ledger is maintained to get information regarding the movement of the goods received from the head office and the balance of
stock in hand.
• Supply Of Goods From Head Office Only:- Generally, all the goods are supplied to the branch by the Head Office.
Sometimes the branch may be allowed to make purchases from the local parties for which the payment is made by the Head
Office directly.
• Maintenance Of Petty Cash Book:- The branch is authorized to make a petty cash book either a simple book or on imprest
system. For this, the cash is supplied by the head office periodically.
• Remittances Of Expenses:- All the expenses of the branch are directly financed by the Head Office through cheques or cash.
The branch submits the summary to the head office for payments to be made by it during a particular period in respect of
Branch expenses.
9. Difference Between Dependent And
Independent Branch
Dependent Branches
• It does not keep its own books of accounts.
• It is not allowed to make purchase.
Generally all goods are supplied by H.O.
• Generally, it is of small size.
• It opens bank accounts in the name of Head
office.
• Cash collected is either deposited in the
head office a/c or remitted to head office.
Independent Branches
• It maintains its own books of accounts.
• Besides receiving goods from H.O., it
makes, its own purchases.
• Generally, it is of larger size.
• It can operate its own bank account.
• It deposits money in its own bank a/c and
may remit it to head office from time to
time.
