Financial Accountancy - the Summarized Balance Sheet of Convertible Ltd., as on 30th June 1995, Stood as Follows

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Financial Accountancy

Note: - Attempt any 5 questions.

Q.1 a) How will you deal with normal loss of stocks, abnormal loss of stocks, goods returned by branch customers directly to head office and cash remitted by branch customers directly to H.O. under debtors system?

b) A trader has a branch at calcutia to which goods are involved at cost plus 20 %

prepare a branch account in H.O. books from the following:

Rs.

Opening stock at Branch 24,000

Cash scale at Branch 17,000

Credit sales 41,000

Collection from debtors 37,900

Goods received from H.O. 30,000

Branch Expenses 3,000

Paid by Branch 6,000

Expenses unpaid 10,000

Closing stock at Branch 18,000

Closing balance of debtors 9,160

Goods in transit from H.O. 3,600

Q.2 Transporters Ltd. purchased from Madras Motors 3 trucks costing Rs. 5,00,000 each on the hire-purchase system. Payment was to be made Rs. 3,00,000 down and the remainder in 3 equal instalments together with interest @ 18 per cent per annum. transporters Ltd. write off depreciation 20 % on the diminishing the next Madras Motors agreed to leave on truck with...