Octopus Ltd, whose head office at Cardiff, operates a branch at Swansea. Allgoods are purchased by the head office and sold by the branch at cost plus 331/3%.The following information particulars are given of the transaction at the branchduring the year ended 28th February 1997.Stock on hand, 1st March 1996, at invoice priceD4400Debtors on, 1st March 1996Stock on hand, 28th February 1997, at invoice priceGoods sent on from Cardiff during the year at invoice priceCredit SalesCash SalesReturn to head office at invoice priceInvoice value of goods stolenBad debts written off148Cash from debtors22400100Normal loss at invoice price due at wastageCash discounts allowed to debtors428Prepare the Branch stock account and total Debtors account for the yearended 28th February 1997, as they would appear in the head office books.39463948248002180024001000600

Stocks & Debtors Accounting System- This method of Accounting is used when there are large…

Answered: Prepare the Branch stock account and…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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American Laser, Inc., reported the following account balances on January 1. Accounts Receivable Accumulated Depreciation. Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings. Cash Common Stock, 10,000 shares of $1 part Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Requirement View transaction list General Journal
es C11-1 (Algo) Financial Reporting of Depreciation, Write-off, Bond Issuance and Common Stock Issuance, Purchase, Reissuance, and Cash Dividends [Chapters 4, 8, 9, 10, and 11) [LO 4-2, 4-5, 8-2, 9-3, 10-3, 11-2, 11-3] Bender Industries, reported the following account balances on January 1. Credit Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Common Stock, 10,000 shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS Debit $ 5,000 249,000 10,500 0 $ 264,500 30,000 92,000 2,000 0 10,000 10,500 120,000 The company entered into the following transactions during the year. January 15 Issued 6,000 shares of $1 par common stock for $52,000 cash. January 31 Collected $3,000 from customers on account. February 15 Reacquired 3,020 shares of $1 par common stock into treasury for $33,220 $ 264,500 cash. March 15 Reissued 2,020 shares of treasury stock for $24,220 cash. August 15…
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The December 31, Year 4, balance sheet for Finch Corporation is presented here. These are the only accounts on Finch's balance sheet. Amounts indicated by question marks (?) can be calculated using the following additional information: Assets Cash FINCH CORPORATION Balance Sheet As of December 31, Year 4 Accounts receivable (net) Inventory Property, plant, and equipment (net) Liabilities and Stockholders' Equity Accounts payable (trade) Income taxes payable (current) Long-term debt Common stock Retained earnings Additional Information Current ratio (at year end) Total liabilities + Total stockholders' equity Gross margin percentage $35,000 a. Accounts payable b. Retained earnings Inventory C. 292,000 $442,000 $ ? P $ P 35,000 298,000 Inventory turnover (Cost of goods sold + Ending inventory) Gross margin for Year 4 12 1.6 to 1.0 70% 40% 9.6 times Required a. Compute the balance in trade accounts payable as of December 31, Year 4. b. Compute the balance in retained earnings as of…
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Prepare the Branch stock account and total Debtors account for the year ended 28th February 1997, as they would appear in the head office books.