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  • Branch Accounting Question

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    charrisedelarosa
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    Ali & Co sends goods to its Sukkur branch at a cost plus 25% list price. The branch sells goods at list price, offering a 2.4% discount for credit sales. According to the information provided, Ali & Co sent Rs. 240,000 of goods to the branch, which made Rs. 200,000 in credit sales and Rs. 27,000 in cash sales. Certain goods were returned, lost, or remained in inventory as of December 31, 2009.

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    Branch Accounting

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    Ali & Co sends goods to its Sukkur branch at a cost plus 25% list price. The branch sells goods at list price, offering a 2.4% discount for credit sales. According to the information provided, Ali & Co sent Rs. 240,000 of goods to the branch, which made Rs. 200,000 in credit sales and Rs. 27,000 in cash sales. Certain goods were returned, lost, or remained in inventory as of December 31, 2009.

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    © All Rights Reserved
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    646 просмотров1 страница

    Branch Accounting Question

    Загружено:

    charrisedelarosa
    Ali & Co sends goods to its Sukkur branch at a cost plus 25% list price. The branch sells goods at list price, offering a 2.4% discount for credit sales. According to the information provided, Ali & Co sent Rs. 240,000 of goods to the branch, which made Rs. 200,000 in credit sales and Rs. 27,000 in cash sales. Certain goods were returned, lost, or remained in inventory as of December 31, 2009.

    Авторское право:

    © All Rights Reserved
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 1

    QU

    QUES
    ESTIO
    TIONN
    Ali & Co., invoices goods to its Sukkur Branch at list price which is cost +25%. The branch
    makes cash sales at list price and credit sales at list price +2.4%. The following information is
    available in respect of the year ended December 31, 2009:

    Rupees
    Opening balances:
    Branch stock at invoice price 18,000
    Branch debtors 7,000
    Transactions during the year:
    Goods sent to branch at invoice price 240,000
    Goods returned by branch to head office 8,000
    Credit sales b y the branch 200,000
    Cash sale s by the branch 27,000
    Goods returned to branch by credit customers 1,050
    Goods returned by credit customers of the branch direct to head office 3,000
    Goods returned by cash customers of the branch direct to head office 7,200
    Closing balances:
    Branch physical stock at invoice price 10,450
    Branch debtors 2,950

    At the year-end, goods invoiced for Rs. 10,000 were in transit and reached the branch on
    January 3, 2010. Certain goods were lost in fire at the branch.

    Required:
    Prepare the following accounts for the year ended December 31, 2009 in the books of the
    head office:
    (a) Branch Stock Account
    (b) Branch Debtors Account
    (c) Goods sent to Branch Account
    (d) Branch Adjustment (Profit loading) Account (22)

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