Question: X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 2%. The branch is advices to deposit cash every day in the bank in Head Office. Petty cash at branch is maintained on impress system. Cash sent to branch for expenses:500, furniture purchased for branch 10000, goods sent to branch at invoice price:100000, Expenses paid by the Head Office 4600, Cash sales by branch 25000. Received debtors.:16000, Discount allowed 300, Bad debts 100, Return by debtors : 800, Petty expenses paid by branch :600, Stock at cost 31/12/2020 18000 (excluding stock received from Debtors). Depreciation on furniture@10% p.a. From the following particulars prepare Branch account in the books of Head Office for the period ending 31/12/2020

Question: X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 2%. The branch is advices to deposit cash every day in the bank in Head Office. Petty cash at branch is maintained on impress system. Cash sent to branch for expenses:500, furniture purchased for branch 10000, goods sent to branch at invoice price:100000, Expenses paid by the Head Office 4600, Cash sales by branch 25000. Received debtors.:16000, Discount allowed 300, Bad debts 100, Return by debtors : 800, Petty expenses paid by branch :600, Stock at cost 31/12/2020 18000 (excluding stock received from Debtors). Depreciation on furniture@10% p.a. From the following particulars prepare Branch account in the books of Head Office for the period ending 31/12/2020

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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