OM Ltd. Delhi invoices goods to its Mumbai and Kolkata branch offices at 20% less than the list price which is cost plus 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 ₹ 76,800.
Goods Sent to Mumbai (at cost to Delhi) ₹ 1,10,000.
Cash Sales 74.8% of Net Credit Sales.
Goods returned by Credit Customers to Mumbai ₹ 45,000.
Goods returned by Mumbai to Delhi ₹ 36,000.
Loss of Goods by fire (at invoice price) ₹ 3,000 against which 80% of cost was recovered from the insurance Company.
Loss of Goods at Mumbai through normal pilferage (at list price) ₹ 3,000.
Debtors at Mumbai: Opening ₹ 10,000, Closing ₹ 11,000
Cash remitted by Mumbai Branch to HO: ₹ 1,62,435.
Discount Allowed to Debtors ₹ 13,365.
Goods received by Mumbai till close of the year ₹ 1,27,000.
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 prompt
payments.
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