Chandigarh Traders Ltd sends goods to its Chennai branch at cost plus 25%. The following particulars are available in respect of the Chennai branch for the year ended 31st March, 2022 :

Principles of Financial Accounting (B.Com) 1st Sem Previous year Solved Question Paper 2022

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11.

Chandigarh Traders Ltd sends goods to its Chennai branch at cost plus 25%. The following particulars are available in respect of the Chennai branch for the year ended 31st March, 2022 :

Explanation

Solution Branch Stock

Particulars

₹

Particulars

₹

To Balance b/d

To GST

80,000

12,00,000

By loss in transit

By pilferage

By sales

By balance c/d

15,000

6,000

12,19,000

40,000

12,80,000

Branch Adjustment A/c

Particulars

₹

Particulars

₹

To loss in transit

To pilferage

To Stock Reserve (clos)

To Branch P/L A/c

3,000

1,200

8,000

2,43,800

By Stock reserve (op)

By GSTB A/c

16,000

2,40,000

25,6000

Goods Sent to Branch

Particulars

₹

Particulars

₹

To Branch Adj. A/c

To Purchase (b/f)

2,40,000

9,60,000

By Branch stock A/c

12,00,000

Branch P/L A/c

₹

To loss in transit

To pilferage

To Exp

To Profit

12,000

4,800

60,000

1,77,000

By Branch Adj A/c

By Ins claim

By Adj A/c

10,000

2,43,800

2,53,800

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