Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

my subject is advance accounting Q.No.2. (Marks 4) The Nadeem Stores Ltd., Multan has a branch at Hyderabad; Goods are invoiced to the branch at

my subject is advance accounting

image text in transcribed
Q.No.2. (Marks 4) The Nadeem Stores Ltd., Multan has a branch at Hyderabad; Goods are invoiced to the branch at a selling price, being cost plus 20%. The branch keeps it's on sale ledger and deposits all cash received daily to the credit of the Head Office Account opened at the MCB, Hyderabad. All expenses are paid by cheques from Multan. From the following information, prepare Branch Account in the Head Office Books and make the necessary adjustments therein to arrive at the actual branch profit or loss during the year 2007.And also pas journal entries. Stock on 01-01-07 use 4161. as amount and multiply 4161 by 10 also. Stock on 31-12-07 use 4161. 1.2times as amount and multiply 4161 by 10 also. Sundry debtors on 01-01-07 16,800 Sundry debtors on 31-12-07 21,600 Goods invoiced from H.0 218.400 Cash sales 215.000 Rent, rates and taxes 9.600 Sundry expenses 1,920 Cash collected from debtors 210.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Needles, Powers, crosson

11th Edition

1439037744, 978-1133626985, 978-1439037744

More Books

Students also viewed these Accounting questions

Question

What is job rotation ?

Answered: 1 week ago

Question

8. How can an interpreter influence the message?

Answered: 1 week ago

Question

Subjective norms, i.e. the norms of the target group

Answered: 1 week ago