M/s Bran Enterprise Ltd. invoices goods to their various branches at cost, and the branches sell on credit as well as for cash. From the following details relating to prepare necessary accounts in the books of head office : Sydney Branch, $ Stock on 1st January, 2014 Stock on 31st December, 2014 Debtors on lst January, 2014 15,000 Allowances to customers 14,000 Returns from customers 300 600 25,000 Bad Debts written off 35,000 Discount allowed to customers 500 Debtors on 31st December, 2014 2,000 Cash at branch on 1st Jan. 2014 500 Remittance from branch 70,000 Cash sent to branch 1,500 Rent & Taxes 1,500 50,000 Salaries 500 General Trade Charges 32,000 Normal Loss of goods due to wastage 58,000 Abnormal Loss of goods due to pilferage Goods sent to branch 5,000 1,500 Goods returned by branch 1,000 Cash sales 2,000 Credit sales

M/s Bran Enterprise Ltd. invoices goods to their various branches at cost, and the branches sell on credit as well as for cash. From the following details relating to prepare necessary accounts in the books of head office : Sydney Branch, $ Stock on 1st January, 2014 Stock on 31st December, 2014 Debtors on lst January, 2014 15,000 Allowances to customers 14,000 Returns from customers 300 600 25,000 Bad Debts written off 35,000 Discount allowed to customers 500 Debtors on 31st December, 2014 2,000 Cash at branch on 1st Jan. 2014 500 Remittance from branch 70,000 Cash sent to branch 1,500 Rent & Taxes 1,500 50,000 Salaries 500 General Trade Charges 32,000 Normal Loss of goods due to wastage 58,000 Abnormal Loss of goods due to pilferage Goods sent to branch 5,000 1,500 Goods returned by branch 1,000 Cash sales 2,000 Credit sales

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Description: M/sBran Enterprise Ltd. invoices goods to their various branches at cost, andthe branches sell on credit as well as for cash. From the following details relating toprepare necessary accounts in the books of head office :SydneyBranch,$Stock on 1st Ja

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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