A Calcutta firm whose accounting year ends on 31st December
Ask Expert

Be Prepared For The Toughest Questions

Practice Problems

A Calcutta firm whose accounting year ends on 31st December

A Calcutta firm whose accounting year ends on 31st December has two branches one at Allahabad, and the other at Varanasi. The branches keep a complete set of books. On 31.12.2014, the Allahabad and Varanasi Branch Accounts in the Calcutta books showed balance of ~ 30,450 and ~ 45,000 respectively before taking the following information into account:

(i)       Goods valued at ~ 2,000 were transferred from Allahabad branch to Varanasi branch under instruction from the head office.

(ii)      Allahabad branch collected ~ 2,500 from an Allahabad customer of the head office.

(iii)     Varanasi branch paid ~ 5,000 for certain goods purchased by the head office in Varanasi.

(iv)     ~ 5,000 remitted by Allahabad branch to Calcutta on 29th December, 2014 were received on 3rd January following.

(v)      For the year 2014, the Allahabad branch showed a net loss of ~ 1,250 and the Varanasi branch a net profit of ~ 5,400.

Pass Journal Entries to record the above transactions in the books of the head office and then write-up the two Branch Accounts therein.

Accounts & FinanceA journal entry is a record of the business transactions in the accounting books of a business. A properly documented journal entry consists of the correct date, amounts to be debited and credited, description of the transaction and a unique reference number.There are four types of Special Journals that are frequently used by merchandising businesses: Sales journals, Cash rec...

Know the process

Students succeed in their courses by connecting and communicating with
an expert until they receive help on their questions


Submit Question

Post project within your desired price and deadline.


Tutor Is Assigned

A quality expert with the ability to solve your project will be assigned.


Receive Help

Check order history for updates. An email as a notification will be sent.

Unable to find what you’re looking for?

Consult our trusted tutors.

Developed by Versioning Solutions.