A Surat merchant has a branch at Tiruchirapalli (TN) to which charges the goods at cost plus 25%. The Tiruchirapalli Branch keeps its own sales ledger and transmits all cash received to the H.O. every day. All expenses are paid from the H.O. The transactions were as follows:
|
Rs |
|
|
Stock on Apr 1, 2009 |
80,000 |
|
Debtors on Apr 1, 2008 |
800 |
|
Rs |
|
|
Petty Cash |
800 |
|
Cash Sales |
20,800 |
|
Goods sent to Branch |
1,40,000 |
|
Collections from Ledger Account |
1,52,000 |
|
Goods returned to H.O. |
2,000 |
|
Bad Debts |
1,600 |
|
Allowances to Customers |
1,400 |
|
Return Inwards |
3,000 |
|
Cheques sent to Branch: |
|
|
Rent |
4,000 |
|
Salaries |
8,000 |
|
Stock as on Mar 31, 2009 |
1,00,000 |
|
Debtors as on Mar 31, 2009 |
14,000 |
|
Petty Cash (including Miscellaneous Income Rs 200 not remitted on Mar 31, 2009) |
600 |
Prepare the Branch Trading and Profit and Loss Account for the year ending on Mar 31, 2009 and the branch accounts in the books of the H.O.