Reference no: EM132572641
Multichained Stores Ltd.Delhi has its branches at Lucknow and Chennai . It charges goods to its branches at cost plus 25% .The following information is available of the transactions of the Lucknow branch for the year ended on 31st March ,2015 :
Balance on 1-4-2014 : Rs.
Stock 30,000
Debtors 10,000
Petty Cash 50
Transactions during 2014 -2015 ( Lucknow Branch )
Goods sent to Lucknow Branch at invoice price 3,25,000
Goods returned by branch to Head office at invoice price 10,000
Cash Sales 1,00,000
Credit sales 1,57,000
Goods pilfered ( invoice price) 2,000
Goods lost in fire ( invoice price) 5,000
Insurance company paid to H.O for loss by fire at Lucknow 3,000
Cash sent for petty expenses 34,000
Bad debts at Branch 500
Goods transferred to Chennai Branch under H.O .advice 15,000
Insurance charges paid by H.O. 500
Goods returned by Debtor to the branch 500
Goods returned by debtors directly to H.O. 1,000
Balance on 31-3-2015 :
Petty Cash 230
Debtors 13,000
Question 1: Prepare necessary ledger accounts as per Stock and Debtors system.