please help me to solve this problem Goods from Head Office55,800Purchases114,000Sales145,50090,600Stated capital25,50031,50013,200Administrative expensesProvision for unrealised profit7,800Goods sent to branch85,800316,800316,800102,900 102,900Additional information was as follows:i)The branch deposited cash on behalf of the head office in the bank on 31 December2021. No record of this transaction had been made in head office books.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¢'000Branch at mark upHead office at cost24,00043,500Required: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; andb) Statement of financial position as at 31 December 2021. QUESTION FOURThe following trial balances for the year ended 31 December 2021 were obtained from the HeadOffice and Branch of JAP Limited.BranchHead OfficeDebitCreditDebitCreditGH'000 GHe¹000GH'000 GHe'00054,00010,500Office equipmentMotor vehicles4,2001,800Retained earnings52,200Current accounts49,50012,300Inventory (at cost or mark up at 1/1/2021)63,60021,600

Branch accounting is a bookkeeping system in which separate accounts are kept for each branch or…

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.

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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