Good Luck Ltd. Houston has a branch at California, to which the goods sold are supplied from New York, bit the cost thereof is not recorded in the Head Office Books. On 31t March, 2015, the Branch Balance Sheet was as follows: Liabilities Assets $ Creditors Balance Head Office Debtors Balance Building Extension A/c -Closed by transfer to H.O. A/c Cash at Bank 2,50,000 80,000 1,79,000 9,000 2,59,000 2,59,000 During the six months ending 30th September, 2015, the following transactions took place at California $ Sales (all on Credit) General Expenses Wages paid Fire Insurance (Paid for one year) Remittance to H.o. Cash paid to Creditors Building Account (further payment) As on 30th September, 2015, Cash in hand was $ 1,900 and at Bank $ 8,900. 3,10,000 Salaries (inclus e of advance 2,200 28,700 Manager's Salary 3,600 Collection from Debtors 62,800 Discount allowed 70,000 Discount earned 6,000 Purchases (all on credit) of $3,000)8,900 6,000 1,90,000 9,000 1,500 66,000 Set out the Head Office Account at California Books and the Branch Balance Sheet as on 30th September, 2015 ( on the same line as on 31st March, 2015 ). Also give Total Debtors Account and Total Creditors Account.

Good Luck Ltd. Houston has a branch at California, to which the goods sold are supplied from New York, bit the cost thereof is not recorded in the Head Office Books. On 31t March, 2015, the Branch Balance Sheet was as follows: Liabilities Assets $ Creditors Balance Head Office Debtors Balance Building Extension A/c -Closed by transfer to H.O. A/c Cash at Bank 2,50,000 80,000 1,79,000 9,000 2,59,000 2,59,000 During the six months ending 30th September, 2015, the following transactions took place at California $ Sales (all on Credit) General Expenses Wages paid Fire Insurance (Paid for one year) Remittance to H.o. Cash paid to Creditors Building Account (further payment) As on 30th September, 2015, Cash in hand was $ 1,900 and at Bank $ 8,900. 3,10,000 Salaries (inclus e of advance 2,200 28,700 Manager's Salary 3,600 Collection from Debtors 62,800 Discount allowed 70,000 Discount earned 6,000 Purchases (all on credit) of $3,000)8,900 6,000 1,90,000 9,000 1,500 66,000 Set out the Head Office Account at California Books and the Branch Balance Sheet as on 30th September, 2015 ( on the same line as on 31st March, 2015 ). Also give Total Debtors Account and Total Creditors Account.

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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Home office and HIJ Branch