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I need to be solve this exercise, according AS-11 Minota Enterprises having its Head Office in Bankok has a branch in New Jersy, USA. Following
I need to be solve this exercise, according AS-11
Minota Enterprises having its Head Office in Bankok has a branch in New Jersy, USA. Following is the trial balance of Branch as at 31 -3-2019: |
Particulars Amount ($) Amount ($) |
Dr. Cr. |
Fixed assets 8000 |
Opening inventory 800 |
Cash 700 |
Goods received from Head Office 2800 |
Sales |
Purchases 11800 24050 |
Expenses 1800 |
Remittance to head office 2450 |
Head office account 4300 |
28350 28350 |
Additional Information: |
(i) Fixed assets were purchased on 1st April, 2015. |
(ii) Depreciation at 10% p.a. is to be charged on fixed assets on straight line method. |
(iii) Closing inventory at branch is $ 700 as on 31-3-2019. |
(iv) Goods received from Head Office (HO) were recorded at ` 1,85,500 in HO books. |
(v) Remittances to HO were recorded at ` 1,62,000 in HO books. |
(vi) HO account is recorded in HO books at ` 2,84,500. |
Prepare the trial balance in accordance with AS-11. |
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