Good Luck Co. Chennai has a branch at Lucknow. It invoices goods to the branch at selling price which is cost plus 33?%. From the following particulars prepare branch account. (i) At cost price and (ii) At account and goods sent to branch account in the Books of Good Luck Co. Chennai.
|
Rs |
|
|
Stock on Jan 1, 2008 (invoice price) |
30,000 |
|
Debtors on Jan 1, 2008 |
22,800 |
|
Goods invoiced to branch during the year (at invoice price) |
1,34,000 |
|
Sales at Branch: |
|
Rs |
Rs |
|
|
Cash |
62,000 |
|
|
Credit |
74,800 |
|
|
Cash received from Debtors |
1,36,000 |
|
|
Discount allowed to Customers |
80,000 |
|
|
Bad Debts written off |
600 |
|
|
Cheques sent to Branch: |
500 |
|
|
Salaries |
10,000 |
|
|
Sundry Expenses |
3,400 |
13,400 |
|
Stock on Dec 31, 2008 (at Invoice Price) |
26,8000 |