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STION 2 Shoprite has a branch in Mandela park. Inventory is dispatched to the branch at selling price which is cost plus 40%. Cash is transferred to head office at the end of each month. The following information relates to branch transactions for the year ending 29 February 2021: Inventory at selling price on 1 March 2020* Inventory at selling price on 29 February 2021 Cash in bank on 1 March 2020 Cash in bank on 29 February 2021 Sundry debtors on 1 March 2020 Good received from head office at selling price 15 500 6 270 12 060 10 500 8.080 11 280 IS Goods return to head office at selling price ✗ Credit sales Branch Debtor Cash sales Branch shock Discount to debtors Branch discount allowed✓ Returns from debtors Cash received from debtors Prach destas (1) B/S Expenses paid by the branch: 7 Wages > Telephone 7 Municipal expenses Stationery Branch expenses paid by head office: Salaries Sundry expenses Discount at selling price) ✗ ADJUSTMENT 1 Stationery on hand R150 -150=700 2 Salaries for February and March 2021 are outstanding REQUIRED 280 7.840 13 780 310 240 13 800 600 3 690 4 270 850 10 500 3 700 200 Use the information given and prepare the following accounts in the general ledger of the head office. Balance the accounts on 29 February 2021, the end of the financial year. 2.1.1 Branch inventory 2.1.2 Branch trade debtors 2.1.3 Branch bank 2.1.4 Goods to branch 2.1.5 Branch profit and loss 2.1.6 Branch adjustment (10) (7) (9) (5) (11) (8) [50] GRAND TOTAL: [100] NV D

STION 2 Shoprite has a branch in Mandela park. Inventory is dispatched to the branch at selling price which is cost plus 40%. Cash is transferred to head office at the end of each month. The following information relates to branch transactions for the year ending 29 February 2021: Inventory at selling price on 1 March 2020* Inventory at selling price on 29 February 2021 Cash in bank on 1 March 2020 Cash in bank on 29 February 2021 Sundry debtors on 1 March 2020 Good received from head office at selling price 15 500 6 270 12 060 10 500 8.080 11 280 IS Goods return to head office at selling price ✗ Credit sales Branch Debtor Cash sales Branch shock Discount to debtors Branch discount allowed✓ Returns from debtors Cash received from debtors Prach destas (1) B/S Expenses paid by the branch: 7 Wages > Telephone 7 Municipal expenses Stationery Branch expenses paid by head office: Salaries Sundry expenses Discount at selling price) ✗ ADJUSTMENT 1 Stationery on hand R150 -150=700 2 Salaries for February and March 2021 are outstanding REQUIRED 280 7.840 13 780 310 240 13 800 600 3 690 4 270 850 10 500 3 700 200 Use the information given and prepare the following accounts in the general ledger of the head office. Balance the accounts on 29 February 2021, the end of the financial year. 2.1.1 Branch inventory 2.1.2 Branch trade debtors 2.1.3 Branch bank 2.1.4 Goods to branch 2.1.5 Branch profit and loss 2.1.6 Branch adjustment (10) (7) (9) (5) (11) (8) [50] GRAND TOTAL: [100] NV D

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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STION 2 Shoprite has a branch in Mandela park. Inventory is dispatched to the branch at selling price which is cost plus 40%. Cash is transferred to head office at the end of each month. The following information relates to branch transactions for the year ending 29 February 2021: Inventory at selling price on 1 March 2020* Inventory at selling price on 29 February 2021 Cash in bank on 1 March 2020 Cash in bank on 29 February 2021 Sundry debtors on 1 March 2020 Good received from head office at selling price 15 500 6 270 12 060 10 500 8.080 11 280 IS Goods return to head office at selling price ✗ Credit sales Branch Debtor Cash sales Branch shock Discount to debtors Branch discount allowed✓ Returns from debtors Cash received from debtors Prach destas (1) B/S Expenses paid by the branch: 7 Wages > Telephone 7 Municipal expenses Stationery Branch expenses paid by head office: Salaries Sundry expenses Discount at selling price) ✗ ADJUSTMENT 1 Stationery on hand R150 -150=700 2 Salaries for February and March 2021 are outstanding REQUIRED 280 7.840 13 780 310 240 13 800 600 3 690 4 270 850 10 500 3 700 200 Use the information given and prepare the following accounts in the general ledger of the head office. Balance the accounts on 29 February 2021, the end of the financial year. 2.1.1 Branch inventory 2.1.2 Branch trade debtors 2.1.3 Branch bank 2.1.4 Goods to branch 2.1.5 Branch profit and loss 2.1.6 Branch adjustment (10) (7) (9) (5) (11) (8) [50] GRAND TOTAL: [100] NV D
Transcribed Image Text:STION 2 Shoprite has a branch in Mandela park. Inventory is dispatched to the branch at selling price which is cost plus 40%. Cash is transferred to head office at the end of each month. The following information relates to branch transactions for the year ending 29 February 2021: Inventory at selling price on 1 March 2020* Inventory at selling price on 29 February 2021 Cash in bank on 1 March 2020 Cash in bank on 29 February 2021 Sundry debtors on 1 March 2020 Good received from head office at selling price 15 500 6 270 12 060 10 500 8.080 11 280 IS Goods return to head office at selling price ✗ Credit sales Branch Debtor Cash sales Branch shock Discount to debtors Branch discount allowed✓ Returns from debtors Cash received from debtors Prach destas (1) B/S Expenses paid by the branch: 7 Wages > Telephone 7 Municipal expenses Stationery Branch expenses paid by head office: Salaries Sundry expenses Discount at selling price) ✗ ADJUSTMENT 1 Stationery on hand R150 -150=700 2 Salaries for February and March 2021 are outstanding REQUIRED 280 7.840 13 780 310 240 13 800 600 3 690 4 270 850 10 500 3 700 200 Use the information given and prepare the following accounts in the general ledger of the head office. Balance the accounts on 29 February 2021, the end of the financial year. 2.1.1 Branch inventory 2.1.2 Branch trade debtors 2.1.3 Branch bank 2.1.4 Goods to branch 2.1.5 Branch profit and loss 2.1.6 Branch adjustment (10) (7) (9) (5) (11) (8) [50] GRAND TOTAL: [100] NV D
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