You are required to prepare Lahore branch in the books of head office for the year of 20-21.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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QUESTION NO.16 The following information and particulars relate to Lahore branch for the year 2020-2021: >>>31-3-2020: Stock 50000; Debtors 70000; petty cash 250. >> 31-3-2021: 75000; Debtors 95000; petty cash 120. Goods costing 550000 was sold by branch @25% on cost. Cash sales amounted to 150000 and the rest credit sales. Branch receives all goods from head office. Branch spent30000 for salaries 12000 for rent and 8000 for petty expenses (all expenses remitted by head office). You are required to prepare Lahore branch in the books of head office for the year of 20-21.
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