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Prepare the general ledger accounts for east london branch

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Reference no: EM132591848

Waky-Waky General Dealers providesits branch in East London with trading inventory at the normal selling price, being cost plus 25%.

The following information is available in respect of the East London branch for the year ending 31 December 2019:

Inventory at branch on 1 January 2019 R30 000

Debtors - 1 January 2019 R15 000

Inventory issued by head office at selling price R280 000

Inventory returned to head office at selling price R900

Cash sales deposited in the branch bank account R136 200

Credit sales R120 000

Cash received from debtors deposited in the branch bank account. R117 500

Debtors - 31 December 2019 R18 000

Inventory on hand at year end R53 376

Required:

Question 1: Use the information provided to prepare the following general ledger accounts for the East London branch in the books of the head office for the year ending 31 December 2019:

  1. Branch inventory account.
  2. Branch adjustment account.

Reference no: EM132591848

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