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Convert the branch trial balance to sterling

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Question: A. & B. Bryson are partners in the firm of ACARA, Wholesale Exporters, sharing profits and losses equally, after interest of 8 per cent has been allowed on fixed capital, and salaries of £2,400 and £2,000 have been credited respectively. The following is the Trial Balance of the General Ledger at 31st December, 1960c

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Convert the Branch Trial Balance to Sterling, obtain gross profit for branch and head office, and prepare consolidated Profit & Loss Account for the year and Balance Sheet as at 31st December, 1960.

Reference no: EM131536783

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