SOLUTION: X operates a branch at Delhi. All purchases are made by the Head Office at Madras; goods being charged out to the branch at cost price. All cash received by the branch is remitted

Question 1179964: X operates a branch at Delhi. All purchases are made by the Head Office at Madras; goods being charged out to the
branch at cost price. All cash received by the branch is remitted to Madras Branch. Petty expenses are paid out of an
imprest which is reimbursed by the Head Office from time to time. From the following particulars relating to Delhi
branch, you are required to prepare Branch Account (for calculating profit) in the books of the Head Office.
Dr Cr
Particulars Amount Particulars Amount
Balances on Petty expenses paid by $700
branch out of imprest
1.1.2017: Cash sales during 70,000
Stock: $8,000 the year
Petty cash: 800 Sale of plant on 1.7.2017 800
Plant: 10,000 (Book value on the date of
Balances on 31.12.2017: sale $900)
Stock 7,000 Expenses paid by Head Office: 5,000
Goods sent to branch 50,000
It is required to write-off Plant @ 20% p.a.

Answer by ikleyn(52776) (Show Source): You can put this solution on YOUR website!
.

Hello, at this forum we help Math students to solve their Math problems,

but we DO NOT CONSULT in Finance.

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