Basics of Sundry Matters

1. Current accounts balances must always be equal and opposite.
2. The head office current account in the branch books should always have a credit balance.
3. The branch current account in the head office books should always have a debit balance.
4. Goods in transit and cash in transit must always be adjusted in the head office books (regardless of the direction in which they are in transit)
5. The final entry to close the current account will be the transfer of branch profit to head office.