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JAMB Principles of Accounts 2003 Question 49

Question 49

Branch Accounts

Gross profit in the branch adjustment account is transferred to the

  1. A.trading account
  2. B.receipts and payments account
  3. C.profit and loss account
  4. D.income and expenditure account
Show the answer and explanation

Answer: C (profit and loss account)

Explanation

The branch's gross profit worked out in the branch adjustment account is transferred to the profit and loss account.