Antiquarius Ltd is a company which deals in antiques. The Company is based in London and operates in the UK, but also has a profitable outlet in San Francisco, California, which is managed by one of the directors on his frequent trips to the States. Separate records are kept of the outlet's transactions b the American staff.

The following trial balances were extracted from the books of Antiquarius Ltd at 31 December 2003

LondonSan Francisco

$$

Share capital20,000

Retained Profits as at1 January 200320,200

Lease hold premises15,00040,000

Amortization of lease7,0008,000

Delivery vans, at cost12,00010,000

Provision for dep'n on delivery vans6,0005,000

Opening inventory, at cost8,62012,460

Accounts receivable3,8696,293

San Francisco current account22,600

London current account44,400

Sales78,318116,308

Transfers to San Francisco21,600

Purchases70,06621,800

Transfers form London38,620

Administration expenses2,3863142

Salaries and wages17,42023,500

Selling and delivery costs5,4858,940

Provision for unrealized profit500

Cash at bank6,92313,879

Accounts payable10,7514,926

(Balancing figures)164,369 164,369178,634178,634

You are given the following additional information:

(a) Transfers of goods from London to San Francisco are made at cost plus 20%.

(b) The average rate of exchange during the year was $1.80 to the . The rates of exchange at 1 January 2003 and 31 December 2003 were $2.00 and $1.60 to the respectively.

(c) Inventory of antiques on hand at 31 December 2003 were:

London 12,470

San Francisco (including $9,180 of goods sent from Londonwhen the rate of exchangewas $1.70)

$15,240

(d) Salaries and wages for London include director's emoluments of 8,000 of which 3,200 is to be charged to the US outlet at the rate of exchange of $1.60 to the 1.

(e) Administration expenses accrued but not yet taken into account amount to:

London800

San Francisco$760

(f) When the leasehold premises and delivery vans were acquired in San Francisco the rate of exchange was $2.20 to the .

(g) Depreciation is to be provided for the year on the vans at 25% of cost, and the leases are to be amortized by equal amounts written off over the periods of the leases, which are:

London15 years

San Francisco10 years

(h) On 31 December 2003 London office had shipped a regency bureau to San Francisco at a value of 900. Although they recorded as a transfer in the London books no entry was made in the books in San Francisco until it was received on 20 January 2004.

Required: Answer the questions that follow:

(Kindly present your answers by comma seperation for values of over a thousand e.g. 1,000 and not 1000; 10,000 and not 10000; 130,200 and not 130200 e.t.c. Do not include the currency in your answer)