Good Luck Ltd. Chennai had its branches at Delhi and Kanpur. It charged goods to branches at cost plus 25%. Following information is available of the transactions of the Delhi branch for the year ended on Dec 31.
Balance on Jan 1: Stock Rs 60,000; Debtors Rs 20,000; Petty Cash Rs 100.
|
Rs |
|
|
Goods sent to Delhi Branch at Invoice Price |
6,50,000 |
|
Goods returned to H.O. at Invoice Price |
20,000 |
|
Cash Sales |
2,00,000 |
|
Credit Sales |
3,50,000 |
|
Goods Pilfered (Invoice Price) |
4,000 |
|
Goods Lost in Fire (Invoice Price) |
10,000 |
|
Insurance co. paid to H.O. for Loss by Fire at Delhi |
6,000 |
|
Cash sent for Petty Expenses |
68,000 |
|
Bad Debts at Branch |
1,000 |
|
Goods transferred to Kanpur Branch under H.O. Advice |
30,000 |
|
Insurance Charges paid by H.O. |
1,000 |
|
Goods returned by Debtors |
1,000 |
Balance on Dec 31: Petty cash Rs 460; Debtors Rs 28,000
Goods worth Rs 30,000 (as above) sent by Delhi branch to Kanpur branch was in transit on Dec 31. Show the following accounts in the books of Good Luck Ltd:
(i) Delhi Branch Account, (ii) Delhi Branch Debtors Account, (iii) Delhi Branch Adjustment Account, (iv) Stock Reserve Account, (vi) Goods sent to Delhi Branch