Preparation of Branch Account And Head Office Books - SS3 Accounting Past Questions and Answers - page 1
Question:
DAY TRADERS has branches (Rumigbo, Rumuokuta, Trans-Amadi, Rumuola, and Garrison as the head branch) in Rivers State. The following trial balance shows the different branches of FLOW ENERGY for the year ending December 2022. You are required to create the accounts for the Trans-Amadi branch, and the head office in Garrison.
|
Account Title |
Rumigbo Branch (₦) |
Rumuokuta Branch (₦) |
Trans-Amadi Branch (₦) |
Rumuola Branch (₦) |
Garrison Head Branch (₦) |
Total (₦) |
|
Cash |
150,000 |
250,000 |
100,000 |
300,000 |
500,000 |
1,300,000 |
|
Accounts Receivable |
80,000 |
100,000 |
50,000 |
120,000 |
200,000 |
550,000 |
|
Inventory |
200,000 |
150,000 |
80,000 |
100,000 |
350,000 |
880,000 |
|
Equipment |
400,000 |
300,000 |
200,000 |
350,000 |
800,000 |
2,050,000 |
|
Accumulated Depreciation - Equipment |
(40,000) |
(30,000) |
(20,000) |
(35,000) |
(80,000) |
(205,000) |
|
Accounts Payable |
(70,000) |
(90,000) |
(50,000) |
(120,000) |
(200,000) |
(530,000) |
|
Salaries Payable |
(20,000) |
(30,000) |
(10,000) |
(25,000) |
(50,000) |
(135,000) |
|
Sales Revenue |
500,000 |
400,000 |
300,000 |
450,000 |
1,000,000 |
2,650,000 |
|
Cost of Goods Sold |
(300,000) |
(250,000) |
(180,000) |
(200,000) |
(600,000) |
(1,530,000) |
|
Rent Expense |
(60,000) |
(50,000) |
(40,000) |
(80,000) |
(200,000) |
(430,000) |
|
Depreciation Expense |
(20,000) |
(15,000) |
(10,000) |
(17,500) |
(40,000) |
(102,500) |
|
Salary Expense |
(80,000) |
(60,000) |
(40,000) |
(75,000) |
(200,000) |
(455,000) |
|
Total |
640,000 |
435,000 |
180,000 |
578,500 |
1,370,000 |
3,203,500 |
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