branch accounting, Accounting Basics

Assignment Help:
Mohan brothers invoiced goods to their branch at cost plus 33.33%. All the cash collected by branch is banked on the same day to the credit of head office. All expenses are paid by head office except petty expenses which are paid by the Branch Manager. Prepare branch account from the following:-
Rs.
Stock (1.4.2012)
15000
Stock (31.03.2013)
20000
Debtors (1.4.2012)
24200
Debtors (31.3.2013)
21500
Goods sent to branch from head office
56000
Cash Sales
38400
Credit Sales
44000
Furniture purchased by Branch
10000
Expenses paid by Head Office
7800
Expenses paid by Branch
2100
Branch cash balance on 1.4.2012
4400
Branch cash balance on 31.3.2013
5000

Related Discussions:- branch accounting

What is uses of purchases journal, What is uses of Purchases journal ...

What is uses of Purchases journal Purchases journal (SPECIAL JOURNAL) Used to record only credit purchases of merchandise-may be only one column which is posted to two accou

Accounting Concept, what is the implication of applying accounting concepts...

what is the implication of applying accounting concepts wrongly

A store receives $400 cash after offering a chain discount, A store receive...

A store receives $400 cash after offering a chain discount of 10/10/5 on a good. What was the list price? A. $492.20 B. $519.82 C. $533.33 D. $612.00

A baker makes 500 cream-filled eclairs at a cost of $0.72 e, A baker makes ...

A baker makes 500 cream-filled eclairs at a cost of $0.72 each. He estimates that 10% of the eclairs will be sold the following day at a reduced price of $0.80 each. Find the mar

Perpetual and periodic inventory method, Perpetual and Periodic inventory ...

Perpetual and Periodic inventory                                                                             a)  Describe the difference between the perpetual inventory method

Explain the dual aspect concept and materiality concept, Illustrate the sub...

Illustrate the subsequent Accounting Concepts: a) Dual Aspect concept b) Materiality concept c) Matching concept d) Conservatism concept

What is trial balance, Q. What is trial balance? The firm credits two A...

Q. What is trial balance? The firm credits two Accounts Payable and accounts Cash in this one entry. But the dollar totals of the debits and credits are equal. Cyclically accou

These questions are based on the following information, These questions are...

These questions are based on the following information and should be viewed as independent situations. Popper Co. acquired 80% of the common stock of Cocker Co. on January 1, 200

Define Accounting, define accounting. Briefly explain its concepts

define accounting. Briefly explain its concepts

calculate wacc and rate of return, Calculate WACC and Rate of Return ...

Calculate WACC and Rate of Return Capital Structure: 50% debt and 50% equity financing Current cost of debt is 2% above prime (Prime is currently 2.5%) cost of equity is e

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd