J Micheil Ltd, whose head office is in Cumbernauld, operates a branch in Lincoln. All goods are purchased by head office and invoiced to and sold by the branch at cost plus 60%. Other than a sales ledger kept in Lincoln, all transactions are recorded in the books in Cumbernauld. The following particulars are given of the transactions at the branch during the year ended 30 June 2016.

You are required to write up the branch inventory account and branch total accounts receivable account for the year ended 30 June 2016, as they would appear in the head office books, showing clearly any abnormal wastage.

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Inventory on hand, 1 July 2015, at invoice price Accounts receivable on 1 July 2015 Inventory on hand, 30 June 2016, at invoice price Goods sent from Bristol during the year at invoice price Credit sales Cash sales Returns to head office at invoice price Invoice value of goods stolen Bad debts written off Cash from debtors Normal loss at invoice price due to wastage Cash discount allowed to debtors 80,320 35,514 71,120 446,400 387,000 21,600 18,000 10,800 1,332 403,200 1,800 3,852