Give Journal Entries in the books of Head Office to rectify or adjust the following: i. Goods
Question:
Give Journal Entries in the books of Head Office to rectify or adjust the following: i. Goods sent toBranch`12,000stolenduringtransit. Branch Manage r refused to accept any liability.
ii. Branch paid ` 20,000 as Salary to the Officer of Head Office on his visit to the Branch. iii .On28thMarch, the HOdespatche d goods to the Branch invoice d at `32,000 which was not received byBranch till 31stMarch,being end of the financial year. iv. A remittance of ` 8,000 sent by the Branch on 30thMarch, received by the Head Office on 1st April (in the next financial year). v. Head Office made payment of `24,000 for purchase of goods by Branch and wrongly debited its own Purchase Account.
Financial Accounting A User Perspective
ISBN: 978-0470676608
6th Canadian Edition
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry