=+3. tHard and Fast carry on a business having a Head Office and two branches. All purchases are made by Head Office which invoices goods to the branches at cost plus 25 %. All sales are made by the branches. Cash received by the branches is remitted to Head Office. Branch expenses are paid direct from Head Office. The following are the details of transactions for the year to 30th June, 1962.

Goods from Head Office at Invoiced prices 30,000 25,000 Returns to Head Office 500 375 Cash Sales 18,500 17,000 Credit Sales 13,000 8,750 Returns from Customers at selling price 450 325 Carriage 100 90 Rent and Rates 800 740 Sundry Expenses 100 70 Salaries and Wages 950 900 Discounts Allowed 200 150 Cash received in respect of credit accounts 12,250 9,250 Bad Debts written off 300 100 Debtors, 1st July, 1961 5,250 4,500 Stock, 1st July, 1961 — Invoice prices 5,500 6,000 Stock, 30th June, 1962— Invoice prices 4,875 6,375 Record the above transactions in the Head Office Books and close ofif the Accounts concerned at 30th June, 1962.