BRANCH ACCOUNTS DEPARTMENTAL CENTRALISED BRANCH QUESTION 1 Boafo Limited has its Head Office in Accra and a branch in Cape Coast. All goods are either purchased or manufactured by the Head Office and sent to the branch at 25% markup. Sales by the Branch are either on cash or credit basis. The Branch Manager maintains the branch's own Sales Ledger as well as Cash book and all other accounting records are kept by the Head Office. The following balances relating to the branch were extracted from Head Officer Ledger at the end of the year ending 31/12/2017. GH'000 Cash Sales 5,920 Credit Sales 4,600 Cash Received from Receivables 3,960 Bad Debts 800 Discount allowed 52 Rents and Rates 360 Branch Managers Salary 408 Returns to Head Office 700 Branch Inventory 1/1/2017 1,500 31/12/2017 1,040 Branch Receivables 1/1/2017 840 Goods sent to Branch at Invoiced price 10,920 Any difference on the Stock Account should be regarded as abnormal loss. You are required to prepare: i. Branch Inventory Account ii. Goods Sent to Branch Account Branch Receivables Account iv. Branch Mark-up Account Branch Income Statement V