VRS Ltd of Chennai invoices goods to its branch at Bangalore at cost plus 33 1/3%. From the following particulars, prepare the Branch Stock Account and the Branch Profit and Loss Account as they would appear in the books of H.O.:
|
Rs |
|
|
Stock at Commencement at Branch at Invoice Price |
37,500 |
|
Stock at Close at Branch at Invoice Price |
30,000 |
|
Goods sent to Branch during the year at Invoice Price |
2,50,000 |
|
(includes Goods invoiced at Rs 5,000 to Branch on Dec 31, 2009 but not received by the Branch before the close of the year) |
|
|
Return of Goods to H.O. (at Invoice Price) |
12,500 |
|
Credit Sales at Branch |
2,25,000 |
|
Cash Sales at Branch |
12,500 |
|
Invoice Value of Goods Preferred |
2,500 |
|
Normal Loss at Branch due to Wastage and Deterioration of Stock (Invoice Price) |
3,750 |
|
VRS Ltd closes its books on Dec 31, 2009 |