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    Fa - Branch Account

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    PATRICK
    The document presents the statement of comprehensive income and statement of financial position for a head office and branch for the year ended December 31, 2004 showing revenues, costs, assets, liabilities and equity for each.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Fa - Branch Account

    Uploaded by

    PATRICK
    17 views1 page
    The document presents the statement of comprehensive income and statement of financial position for a head office and branch for the year ended December 31, 2004 showing revenues, costs, assets, liabilities and equity for each.

    Original Title

    FA - BRANCH ACCOUNT -

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    © © All Rights Reserved

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    The document presents the statement of comprehensive income and statement of financial position for a head office and branch for the year ended December 31, 2004 showing revenues, costs, assets, liabilities and equity for each.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views1 page

    Fa - Branch Account

    Uploaded by

    PATRICK
    The document presents the statement of comprehensive income and statement of financial position for a head office and branch for the year ended December 31, 2004 showing revenues, costs, assets, liabilities and equity for each.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31ST DECEMBER 2004

    REVENUE FROM SALES HO(SHS) BRANCH(SHS) COMBINED(SHS)


    Sales 2,000,000.00 1,100,000.00 3,100,000.00
    Goods sent to branch 750,000.00 - -
    Total sales 2,750,000.00 1,100,000.00 3,100,000.00
    LESS: COST OF SALES
    Opening stock 400,000.00 220,000.00 600,000.00
    Purchases/Goods received from HO 2,400,000.00 640,000.00 2,400,000.00
    Goods available for sale 2,800,000.00 860,000.00 3,000,000.00
    Less: Closing stock 450,000.00 286,000.00 810,000.00
    Cost of Sales 2,350,000.00 574,000.00 2,190,000.00
    Gross Profit 400,000.00 526,000.00 910,000.00
    ADD:OTHER INCOME
    Decrease in provision for unrealized profit 64,000.00 - -
    464,000.00 526,000.00 910,000.00
    LESS: OPERATING EXPENSES
    Expenses 300,000.00 90,000.00 390,000.00
    Total operating expenses 300,000.00 90,000.00 390,000.00
    Net profit 164,000.00 436,000.00 520,000.00

    STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31ST DECEMBER 2004
    NON-CURRENT ASSETS HO(SHS) BRANCH(SHS) COMBINED(SHS)
    Funiture fittings and equipment 150,000.00 30,000.00 180,000.00
    Less: Accumulated Depreciation - - -
    Net book value (NBV) 150,000.00 30,000.00 180,000.00
    CURRENT ASSETS
    Cash and Bank 280,000.00 10,000.00 340,000.00
    Stock 450,000.00 286,000.00 810,000.00
    Debtors 250,000.00 70,000.00 320,000.00
    Branch current Acount 396,000.00 - -
    Goods in transit 110,000.00 - -
    Cash in transit 50,000.00 - -
    Total Current Assets 1,536,000.00 366,000.00 1,470,000.00
    TOTAL ASSETS 1,686,000.00 396,000.00 1,650,000.00

    EQUITY AND LIABILTIES


    Capital 700,000.00 - 700,000.00
    Retained earning 800,000.00 - 800,000.00
    Head Office current Account - 396,000.00 -
    1,500,000.00 396,000.00 1,500,000.00
    LIABILITIES
    CURRENT LIABILITIES

    Unrealized profit 36,000.00 - -


    Creditors 150,000.00 - 150,000.00
    Total liabilities 186,000.00 - 150,000.00
    TOTAL EQUITY AND LIABILITIES 1,686,000.00 396,000.00 1,650,000.00
    Patrick Edward

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