Vasudev, a Chennai trader opens a new branch in Trichy which trades independently of the H.O. The transactions of the branch for the year ended Mar 31, 2009 are as follows:
|
Rs |
||
|
Goods Supplied by H.O. |
40,000 |
|
|
Purchases from Outsides: |
||
|
Credit: |
31,000 |
|
|
Cash: |
6,000 |
|
|
37,000 |
||
|
Sales Credit: |
50,000 |
|
|
Cash: |
9,200 |
|
|
59,200 |
||
|
Cash received from Customers |
60,800 |
|
|
Cash paid to Creditors |
28,400 |
|
|
Expenses paid by the Branch |
17,900 |
|
|
Furniture and Fixtures purchased by Branch on Credit |
7,000 |
|
|
Cash received from H.O. initially |
8,000 |
|
|
Remittances to H.O. |
22,000 |
Additional Information
- The accounts of the branch fixed assets are maintained at H.O. Books
- Write off depreciation on furniture @ 5% p.a.
- The branch remitted on Mar 29, 2009 Rs 4,000 was received by the H.O. on Apr 2, 2009
- The branch closing stock is valued at Rs 24,000.
You are required to prepare the Trichy Branch Trading and Profit and Loss Account and the Trichy Branch Account in the H.O. Books and H.O. Account in the books of the Branch after incorporation of the branch Trial Balance.