Stanley and Bros. of Pambadi has a branch at Tirur. The following are the transactions between...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Stanley and Bros. of Pambadi has a branch at Tirur. The following are the transactions between the Branch and the Head Office for the year ended 31st March 2015. Stock at branch on 1.4.2014 Petty cash balance on 1.4.2014 Goods sent to branch during the year 2014-15 Remittance to branch for- Salaries 3,000 Rent 4,000 Petty cash 170 18,000 30 80,000 7,170 1,30,000 21,000 40 Cash remittance by branch (cash sales) Stock at branch on 31.3.2015 Petty cash balance on 31.3.2015 Give journal entries and important ledger accounts in the books of the Head Office. Stanley and Bros. of Pambadi has a branch at Tirur. The following are the transactions between the Branch and the Head Office for the year ended 31st March 2015. Stock at branch on 1.4.2014 Petty cash balance on 1.4.2014 Goods sent to branch during the year 2014-15 Remittance to branch for- Salaries 3,000 Rent 4,000 Petty cash 170 18,000 30 80,000 7,170 1,30,000 21,000 40 Cash remittance by branch (cash sales) Stock at branch on 31.3.2015 Petty cash balance on 31.3.2015 Give journal entries and important ledger accounts in the books of the Head Office.
Expert Answer:
Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
A Head Office in Calcutta has a branch at Haldia. All purchases are made by Head Office and goods sent to the branch are invoiced at cost plus 25%. All cash received by branch is deposited to the...
-
The following account balances for the year ended 31st December 2013, relate to Tan Pty Ltd. Additional information at 31 December 2013: Fees of $200,000 included in the above balance of $6,000,000...
-
The following are selected transactions of Graves Company. Graves prepares financial statements quarterly. Jan. 2 Purchased merchandise on account from Ally Company, $30,000, terms 2/10, n/30....
-
1. What are the four basic types of unemployment? Which type is most pronounced during difficult economic times such as we have been experiencing during the last few years? Which type is most...
-
Determining Financial Statement Effects of Various Transactions and Identifying Cash Flow Effects Big Dog Holdings, Inc., is the parent company of Big Dog USA, a company that develops, markets, and...
-
Question 8 (Principal-Only MBS and Interest-Only MBS) Suppose now that you purchased the IO MBS of the previous question and that the price you paid was the same price that you calculated in the...
-
Lauren Inc. makes three products that can be sold at split-off or processed further and then sold. The joint cost for April is \(\$ 1,080,000\). The number of ounces in a bottle of each product is:...
-
On November 1, 2007, Janet Morton and Kim Wong formed Pet Kingdom, Inc., to sell pets and pet supplies. Pertinent information regarding Pet Kingdom is summarized as follows: Pet Kingdom's business...
-
Holman Company, a U.S. based corporation, owns 100 percent of Jones SA, located in Guadalajara, Mexico. Jones manufactures premium leather handbags at a cost of 500 Mexican pesos each. Jones sells...
-
On January 1, 2011, Price Company purchased an 80% interest in the common stock of Stahl Company for $1,040,000, which was $60,000 greater than the book value of equity acquired. The difference...
-
n investor sells short 2000 shares of DEF at a price of $50, a security eligible for reduced margin. The following week the shares increase to 56.98. Calculate the investor's margin call. Round your...
-
Five relevant types of power include: coercive, legitimate, reward, referent, and expert. What power do you think you would find most motivating in the workplace? Why? Include an example in your...
-
Explain how HRM and HRD practices contribute to individual, group and organizational performance. Identify practical, cognitive or emotional blocks to creative idea generation and explain how these...
-
How does DRS balance load amongst hosts in the cluster? automatically limiting network bandwidth to busy VMs automated Storage vMotion migrations automated vMotion migrations O automatically turning...
-
What is the key provisions of the pension protection act of 2006 in America and UK ?
-
Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, purchases invoices during the next 12 months, and the inventory count at December 31...
-
Australian Bureau of Statistics CPI Data Mar-2022 123.9 Jun-2022 126.1 Sep-2022 128.4 Dec-2022 130.8 Mar-2023 132.6 The above data are Consumer Price Index numbers published by the Australian Bureau...
-
Propose a reasonable mechanism for the following reaction. OH
-
Presented below are three revenue recognition situations. (a) Grupo sells goods to MTN for $1,000,000, payment due at delivery. (b) Grupo sells goods on account to Grifols for $800,000, payment due...
-
What is the purpose of the statement of cash flows? What information does it provide?
-
Gheorghe Moresan Lumber Company handles three principal lines of merchandise with these varying rates of gross profit on cost. Lumber ......... 25% Millwork ........ 30% Hardware and fittings .. 40%...
-
Explain briefly why each of the following groups might be interested in the financial statements of a business: a. Creditors. b. Potential investors. c. Labor unions.
-
What is meant by the terms inflation and deflation, and how do they relate to the stable monetary unit assumption underlying financial statements?
-
Why does internal accounting information need to be timely?
Study smarter with the SolutionInn App