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prepare trading and profit and loss account of goa branch for the year ended dec 31 608231

The following is the Trial Balance of Goa Branch as on Dec 31, 2009.

Dr. Rs

Cr. Rs

Mumbai H.O.

6,480

Stock Jan 1, 2009

12,000

Purchases

1,95,600

Goods received from H.O.

38,000

Sales

2,76,000

Goods supplied to H.O.

12,000

Salaries

9,000

Debtors

7,400

Creditors

3,700

Rent

3,920

Office Expenses

2,940

Cash at Bank

3,560

Furniture

12,000

Depreciation on Furniture

800

2,91,700

2,91,700

Stock at Branch on Dec 31, 2009 was valued at Rs 15,400. Account of Goa Branch in the H.O. books stood at Rs 920 (Debit). On Dec 26, 2009, the H.O. forwarded goods to the value of Rs 7,400 to the branch where they were received on Jan 5, 2010.

  1. Prepare Trading and Profit and Loss Account of Goa Branch for the year ended Dec 31, 2009 and its Balance Sheet on that date.
  2. Pass journal entries in the books of H.O. to incorporate the above shown trial balance
  3. Show Goa Branch Account as it would be closed in H.O. Ledger

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