OTL Ltd commenced business on 1 January 2017. The head office is in London and there is a branch in Highland. The currency of Highland is the crown. The following are the trial balances of the head office and the Highland branch as at 31 December 2017:

On 31 December 2017 4 crowns = £1
The trial balance of the head office was prepared before any entries had been made in respect of any profits or losses of the branch.
Remittances from head office to branch and from branch to head office were recorded in the books at the actual amounts paid and received.
The rates of exchange were:

Required:
(a) The trial balance of the Highland branch as at 31 December 2017, in sterling.
(b) The closing entries, as at 31 December 2017, in the branch account in the books of the head office.
(c) A summary of the statement of financial position of OTL Ltd as at 31 December 2017.
Ignore depreciation of fixed assets.
Ignore taxation.

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Branch account Balances at bank Accounts payable Accounts receivable Non-current assets (purchased 1 January 2017) Head office account Profit and loss account (net profit for year) Issued share capital Inventory Head Office £ 65,280 10,560 18,480 39,600 £ 21,120 52,800 86,400 Highland Branch Crowns Crowns 66,000 158,400 145,200 26,400 118,800 160,320 160,320 488,400 92,400 316,800 79,200 488,400