4.PARMATMA Ltd. Delhi invoices goods to its Mumbai and Kolkata branch offices at 20% less than the list price which is costplus 50% with instructions that cash sales are to be made at invoice price and credit sales at list price.Opening Stock at Mumbai at its cost ₹ 1,53,600.Goods Sent to Mumbai (at cost to Delhi) ₹ 2,20,000.Cash Sales ₹ 1,49,600, Credit Sales ₹ 2,90,000.Goods returned by Credit Customers to Mumbai ₹ 90,000.Goods returned by Mumbai to Delhi ₹ 72,000.Loss of Goods by fire (at invoice price) ₹ 6,000 against which 80% of cost was recovered from the insurance Company.Loss of Goods at Mumbai through normal pilferage (at list price) ₹ 6,000.Debtors at Mumbai:Opening ₹ 10,000Cash remitted by MumbaI Branch to HO: ₹ 3,24,870.Discount Allowed to Debtors ₹ 26,730.Goods received by Mumbai till close of the year ₹ 2,54,000.Provision is to be made for discount on Debtors at 15% on prompt payments at year end on the basis of year’s trend of promptpayments.Cash remitted by HO to Branch for Expenses: ₹ 18,000Branch Expenses still outstanding:₹ 1,482Manager is entitled to a commission @ 6% of net profits after charging such commission.Required: Prepare Mumbai Branch Debtors A/c, Mumbai Branch Stock Account, Mumbai Branch Adjustment A/c, MumbaiBranch Expenses Account and Mumbai Branch Profit & Loss A/c under Stock & Debtors Method.

4.PARMATMA Ltd. Delhi invoices goods to its Mumbai and Kolkata branch

1.	4.PARMATMA Ltd. Delhi invoices goods to its Mumbai and Kolkata branch offices at 20% less than the list price which is costplus 50% with instructions that cash sales are to be made at invoice price and credit sales at list price.Opening Stock at Mumbai at its cost ₹ 1,53,600.Goods Sent to Mumbai (at cost to Delhi) ₹ 2,20,000.Cash Sales ₹ 1,49,600, Credit Sales ₹ 2,90,000.Goods returned by Credit Customers to Mumbai ₹ 90,000.Goods returned by Mumbai to Delhi ₹ 72,000.Loss of Goods by fire (at invoice price) ₹ 6,000 against which 80% of cost was recovered from the insurance Company.Loss of Goods at Mumbai through normal pilferage (at list price) ₹ 6,000.Debtors at Mumbai:Opening ₹ 10,000Cash remitted by MumbaI Branch to HO: ₹ 3,24,870.Discount Allowed to Debtors ₹ 26,730.Goods received by Mumbai till close of the year ₹ 2,54,000.Provision is to be made for discount on Debtors at 15% on prompt payments at year end on the basis of year’s trend of promptpayments.Cash remitted by HO to Branch for Expenses: ₹ 18,000Branch Expenses still outstanding:₹ 1,482Manager is entitled to a commission @ 6% of net profits after charging such commission.Required: Prepare Mumbai Branch Debtors A/c, Mumbai Branch Stock Account, Mumbai Branch Adjustment A/c, MumbaiBranch Expenses Account and Mumbai Branch Profit & Loss A/c under Stock & Debtors Method.
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