Mr. Khan has a retail branch at Vijayawada. Goods are sent by the H.O. to the branch market at selling price which is cost plus 25%. All expenses of the branch are paid by the H.O. All cash collected by the branch (from customers and from cash sales) is deposited to the credit of H.O. From the following particulars of the branch, prepare Branch Stock Account, Branch Debtors Account, Branch Expenses Account and Branch Adjustment Account in the books of H.O.
|
Rs |
|
|
Debtors on Jan 1, 2008 |
36,000 |
|
Debtors on Dec 31, 2009 |
42,000 |
|
Inventory with the Branch at Invoice Price: |
|
|
On Jan 1, 2008 |
48,000 |
|
On Dec 31, 2009 |
51,000 |
|
Cash Sales during the year |
1,80,000 |
|
Total Amount deposited in the H.O. Account during the year |
3,81,000 |
|
Returned Goods to H.O. at Invoice Price |
15,000 |
|
Salaries Paid |
18,000 |
|
Rent Paid |
12,000 |
|
Discount allowed to Customers |
6,000 |
|
Bad Debts written off |
3,000 |
|
Spoilage |
6,000 |