Old MathJax webview

Old MathJax webview

A Company with its Head Office at Mumbai has a Branch at Kolkatta. The Branch receives all goods from Head Office who also remits cash for all expenses'sales are made by the Branch on credit as well as for cash.

Total sales by the Branch for the year ended 31st March, 2020 amounted to 5,60,000 out of which 20% is cash sales. The following further information is relevant. 1.4.19 31.3.20 Stock-in-trade 25,000 36,000 Debtors 60,000 48,000 Petty Cash 120 180 Expenses actually incurred by the Branch during the year were :- Salaries 36,000; Rent 12,000; Petty expenses 5,600 All sales are made by the branch at cost plus 25%. You are required to prepare the Kolkatta Branch Account in the Books of Head Office for the year ended 31st March, 2020