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Prepare: Branch Debtors A/c, Branch Stock A/c, Branch Adjustment A/c and Branch profit and loss A/c.

Prepare: Branch Debtors A/c, Branch Stock A/c, Branch Adjustment A/c and Branch profit and loss A/c.

FINANCIAL ACCOUNTING
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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Magnum Ltd. has a branch in Agra. Goods are sent to Branch at 25% profit on cost. Following informatlon are available by Head office in Delhi in connection with this 5. Branch. Opening Balances: Rs. Stock (Invoice Value) 20,000 Branch Debtors 10,000 Furniture 10,000 Petty Cash 500 Transactions during the year; Goods sent to Branch 1,20,000 Goods in Transit 10,000 Goods returned by Branch 10,000 Goods returned by branch customer 5,000 Cash sale 65,000 Credit Sales ? Bad Debts 500 Discount allowed 500 Collection from debtors 44,000 Cash sent by Head office for Rent 2,000 Salary 2,500 Petty Cash 1,000 5,500 Closing Balances: Stock 25,000 Branch Debtors 15,000 Furniture 9,000 Petty Cash 400 Prepare: Branch Debtors A/c, Branch Stock A/c, Branch Adjustment A/c and Branch profit and loss A/c.
Transcribed Image Text:Magnum Ltd. has a branch in Agra. Goods are sent to Branch at 25% profit on cost. Following informatlon are available by Head office in Delhi in connection with this 5. Branch. Opening Balances: Rs. Stock (Invoice Value) 20,000 Branch Debtors 10,000 Furniture 10,000 Petty Cash 500 Transactions during the year; Goods sent to Branch 1,20,000 Goods in Transit 10,000 Goods returned by Branch 10,000 Goods returned by branch customer 5,000 Cash sale 65,000 Credit Sales ? Bad Debts 500 Discount allowed 500 Collection from debtors 44,000 Cash sent by Head office for Rent 2,000 Salary 2,500 Petty Cash 1,000 5,500 Closing Balances: Stock 25,000 Branch Debtors 15,000 Furniture 9,000 Petty Cash 400 Prepare: Branch Debtors A/c, Branch Stock A/c, Branch Adjustment A/c and Branch profit and loss A/c.
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