Magnum Ltd. has a branch in Agra. Goods are sent to Branch at 25% profit on cost.Following informatlon are available by Head office in Delhi in connection with this5.Branch.Opening Balances:Rs.Stock (Invoice Value)20,000Branch Debtors10,000Furniture10,000Petty Cash500Transactions during the year;Goods sent to Branch1,20,000Goods in Transit10,000Goods returned by Branch10,000Goods returned by branch customer5,000Cash sale65,000Credit Sales?Bad Debts500Discount allowed500Collection from debtors44,000Cash sent by Head office forRent2,000Salary2,500Petty Cash1,0005,500Closing Balances:Stock25,000Branch Debtors15,000Furniture9,000Petty Cash400Prepare: Branch Debtors A/c, Branch Stock A/c, Branch Adjustment A/c and Branch profitand loss A/c.

Branch accounting can be defined as the accounting system which helps to record the business…

Answered: Prepare: Branch Debtors A/c, Branch…

Business

Accounting

Prepare: Branch Debtors A/c, Branch Stock A/c, Branch Adjustment A/c and Branch profit and loss A/c.

Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 5CP

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Problem Solving. Raymar Alison Trading has the following transactions during the fiscal year 2021. Cash sales 100,0000. Credit Sales 200,000. Total Sales 300,000. Cost of Goods Sold 150,000. Gross Margin 150,000. Beg. Accounts Receivable 25,000. End. Accounts Receivable 15,000. Beg. Inventory 35,000. End. Inventory 25,000. Total Expenses 50,000. 29. What is Days Inventory Outstanding? (360 days) 18 24 36 72
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