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X Ltd. of Calcutta has a branch at Delhi. Goods are invoiced to the branches at cost plus 33 1 / 3..

by | Sep 9, 2023 | accounting

X Ltd. of Calcutta has a branch at Delhi. Goods are invoiced to the branches at cost plus 331/3%. The branch remits all cash received to the head office and all expenses are paid by the head office. From the following particulars prepare Branch Stock Account, Branch Adjustment Account, Branch Debtors Account and Branch Profit and Loss Account in the books of the head office (all figures in ~) :

Branch Debtors on 1.1.2014

6,000

Cash received from Debtors

57,600

Branch Stock on 1.1.2014 (Invoice price)

2,400

Discount allowed to Debtors

1,400

Sales : Cash

3,000

Bad debts

300

Credit

60,000

Branch expenses paid by H.O.

15,000

Goods from head office (Invoice price)

72,000

Branch stock on 31.12.2014 (Invoice price)

11,400

 

  

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