Mahisha Ayurveda, Trivandrum has a branch at Ayoor to which goods are sent at cost. The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Mahisha Ayurveda, Trivandrum has a branch at Ayoor to which goods are sent at cost. The branch is authorised to sell goods for cash only. All expenses at branch are paid by Head Office and all amount collected from sales are daily deposited in the bank account opened in the name of Head Office. From the following particulars prepare the Branch Account as well as goods sent to Branch Account for the year 2014. Stock at branch on 1.1.2014 Petty cash at branch on 1.1.14 Furniture at branch on 1.1.14 Goods sent to branch during 2014 Sent to branch by cheque for Salary 8,000 Rent and rates 3,500 Insurance 500 Petty expenses 1,500 Goods returned by branch Furniture purchased for branch on 1st July 2014 Cash sales during 2014 Stock at branch on 31.12.14 * 11,000 300 6,000 1,40,000 13,500 3,000 ols no 8,000 1,75,000 17,000 Petty cash is maintained under imprest system. Depreciation is charged on furniture @ 20% per annum. Mahisha Ayurveda, Trivandrum has a branch at Ayoor to which goods are sent at cost. The branch is authorised to sell goods for cash only. All expenses at branch are paid by Head Office and all amount collected from sales are daily deposited in the bank account opened in the name of Head Office. From the following particulars prepare the Branch Account as well as goods sent to Branch Account for the year 2014. Stock at branch on 1.1.2014 Petty cash at branch on 1.1.14 Furniture at branch on 1.1.14 Goods sent to branch during 2014 Sent to branch by cheque for Salary 8,000 Rent and rates 3,500 Insurance 500 Petty expenses 1,500 Goods returned by branch Furniture purchased for branch on 1st July 2014 Cash sales during 2014 Stock at branch on 31.12.14 * 11,000 300 6,000 1,40,000 13,500 3,000 ols no 8,000 1,75,000 17,000 Petty cash is maintained under imprest system. Depreciation is charged on furniture @ 20% per annum.
Expert Answer:
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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...
-
A Head Office at Madras has a Branch at Kollam. Goods are sent by the Head Office to its Branch at cost which the branch sells both for cash and on credit. The following relate to the branch for the...
-
are office rent ($ 8 comma 100), depreciation on office furniture left parenthesis $ 1 comma 700 right parenthesis, utilities ($ 2 comma 000), special telephone lines ($ 1 comma 500), a connection...
-
Has the availability of shelf registrations reduced the importance of private placements? Why?
-
The U.S. labor movementwhich mostly represents blue-collar workers rather than professionals and highly educated workershas traditionally favored limits on imports from less-affluent countries. Is...
-
13. What is the effect of measles on T-cell function andimmunoglobulins? A) Permanent impairment of T-cell function B) Temporary suppression of delayed hypersensitivity C) Inhibition of B-cell...
-
Discuss the employment-at-will doctrine.
-
Book vs. Tax (MACRS Depreciation) Elwood Inc. purchased computer equipment on March 1, 2010, for $36,000. The computer equipment has a useful life of 10 years and a salvage value of $3,000. For tax...
-
A 250 MW coal-fired power plant has a heat rate of 9,300 BTUs. What is its 1st Law efficiency?
-
Draw an example of a graph with 10 vertices and 15 edges that has a vertex cover of size 2.
-
With the approval of neighborhood property owners, the White City Council voted to construct sidewalks in a newly annexed neighborhood, assess the property owners for the cost, and issue debt to...
-
The price of gold is currently \(\$ 1,400\) per ounce. The forward price for delivery in 1 year is \(\$ 1,500\) per ounce. An arbitrageur can borrow money at \(4 \%\) per annum. What should the...
-
An article in the Wall Street Journal discussed the fear that some farmers had that regulation of derivatives would make it harder for them to hedge risk. The article described the situation of a...
-
A US company knows it will have to pay 3 million euros in three months. The current exchange rate is 1.3500 dollars per euro. Discuss how forward and options contracts can be used by the company to...
-
An article in the Wall Street Journal discussing the nickel market contained the following: The sharp rise in nickel prices demonstrates how even a slight shift in demand and supply can roil tiny...
-
An article in Wall Street Journal in the fall of 2012 quoted an options broker as saying: The market is relatively strong with a good couple of months this summer, so put options are expensive as...
-
We know the prices and payoffs for securities 1 and 2 and they are represented as follows: Cash Flow in One Year Strong Economy $225 $0 Security 1 2 Market Price Today $90 $110 Weak Economy $0 $225...
-
The area of square PQRS is 100 ft2, and A, B, C, and D are the midpoints of the sides. Find the area of square ABCD. B A
-
How much of each of the following prizes or awards is taxable? a. Cheline received a $50,000 gift bag at the Oscars in 2012. b. Jon received a gold watch worth $350 for 25 years of service to his...
-
Carol Harris, Ph.D, CPA, is a single taxpayer and she lives at 674 Yankee Street, Durham, NC 27409. Her Social Security number is 793-52-4335. Carol is an Associate Professor of Accounting at a local...
-
Jenny earns $34,500 in 2012. Calculate the FICA tax that must be paid by: Jenny: ..............................Soc,Sec. ..................$______________...
-
A summary of the Balgreen Bowling Club's cash book is shown below. From it, and the additional information, you are to construct an income and expenditure account for the year ending 31 December...
-
Why do you think non-profit-oriented organizations prepare receipts and payments accounts when they have all this information in the cash book already?
-
Why do you think this statement was described as being a 'statement of affairs' rather than a 'statement of financial position'?
Study smarter with the SolutionInn App