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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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.