ILLUSTRATION 6 A Miami merchant opens a new branch in Boston which trades independently of the Head Office. The transactions of the Branch for the year ended 31-03-2015 are as Under: $ $ Goods supplied by Cash received from Customers 30,400 Head Office 20,000 Cash paid to Creditors 14,200 Purchases from Outsiders- Expenses paid by Branch 8,950 Credit 15,500 Furniture purchased by Branch on Credit 3,500 Cash 3,000 Cash received from Head Office initially 4,000 18,500 Remitted to Head Office 11,000 Sales : Credit 25,000 Cash 4,600 29,600 Prepare Trading and Profit & Loss Account and Branch Account in the Head Office Books after incorporation of the Branch Trial Balance taking the following into consideration: (a) Accounts of the Branch Fixed Assets are maintained in H.O. Books : (b) Write off Depreciation on furniture at 5 per cent per annum. (c) A remittance of $2,000 from the Branch to the Head Office is in transit. (d) Branch Closing Stock is valued at $12,000