8 BRANCH ACCOUNTING - RECIPROCAL ENTRIES Fast Company billed merchandise to its branches at 20% above cost. Following data is taken from the books of the Company 2016 Feb. 2 Merchandise received from head office Rs.180,000 by Lahore branch. 4 Purchased equipment of Rs.40,000 on account by Head office. 5 Lahore branch returned merchandise shipment to Head office Rs.90,000. 7 Paid Head office operating expenses Rs.3,000 8 Head office collected Lahore branch Accounts Receivable Rs.8500 10 Head Office sent merchandise to Lahore branch Rs.25,000 and paid Rs.3500 transportation charges. Subsequently head office instructed Lahore branch to send this merchandise shipment to Hyderabad Branch. Lahore Branch complied with instructions and paid Transportation charges of Rs.500 for sending the shipment to Hyderabad branch, the normal transportation charges would have been Rs.3,000 QUIRED: Give necessary entries in the books of Head Office, Lahore and Hyderabad Branch