Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500 13,200 Administrative expenses Provision for unrealised profit 7,800 Goods sent to branch 85,800 316,800 316,800 102,900 102,900 Additional information was as follows: The branch deposited cash on behalf of the head office in the bank on 31 December 2021. No record of this transaction had been made in head office books. i) ii) All goods sold by the branch are supplied from the head office at cost plus 25%. iii) Inventories at 31 December 2018, excluding goods in transit were as follows: GH¢'000 24,000 Branch at mark up Head office at cost 43,500 Required: Prepare for the head office, branch and combined entity of JAP Limited: a) Statement of profit or loss for the year ended 31 December 2021; and b) Statement of financial position as at 31 December 2021.
Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500 13,200 Administrative expenses Provision for unrealised profit 7,800 Goods sent to branch 85,800 316,800 316,800 102,900 102,900 Additional information was as follows: The branch deposited cash on behalf of the head office in the bank on 31 December 2021. No record of this transaction had been made in head office books. i) ii) All goods sold by the branch are supplied from the head office at cost plus 25%. iii) Inventories at 31 December 2018, excluding goods in transit were as follows: GH¢'000 24,000 Branch at mark up Head office at cost 43,500 Required: Prepare for the head office, branch and combined entity of JAP Limited: a) Statement of profit or loss for the year ended 31 December 2021; and b) Statement of financial position as at 31 December 2021.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 8SPB: UNCOLLECTIBLE ACCOUNTSALLOWANCE METHOD Lewis Warehouse used the allowance method to record the...
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