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Illustration of double entryThe balances on the current accounts of a head office and branch were Ksh 698,000, before the transactions listed below:
Kshs
Goods sent to branch by head office
1,727,000
Remittances received by head office from branch
892,000
Goods received by branch from head office
1,620,000
Remittances sent to head office by branch
944,000
Branch profit for the period
594,000
Goods in transit from head office to branch
107,000
Cash in transit from branch to head office
52,000
Books of head office:
Branch Current A/C
Sh
Bal b/d
698,000
Cash book
GSTB
Bal c/d
*1,533,000
2,425,000
1,533,000
Goods in transit
Branch profit
Cash in transit
________
1,968,000
2,127,000
* Entry that is usually found in the trial balance of the Head Office.
Goods sent to branch
Branch current a/c
Books of the branch:
Head office current account
Bal c/d*
1,374,000
2,318,000
* Entry that is usually found in the trial balance of the branch.
Goods from head office
H.O current a/c
As of January 1, 2011, the partnership of Canton, Yulls, and Garr had the following account balances and percentages for the sharing of profits and losses: Cash 80,000 non cash
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compute the arithmetic mean rate of return and standard deviation of rates of return for the two series
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