foreign branch - branch only lecture question

foreign branch - branch only lecture question - UNIT 2:...

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UNIT 2: FOREIGN CURRENCY TRANSLATION & FOREIGN BRANCH LECTURE QUESTION A business in the United Kingdom has a branch in the State of Euphoria, where the local currency is Lodars (Ls). The following trial balance was received by the head office: Euphoria Branch Trial Balance as at December 31, 2002 Dr Cr Ls Ls Land and Buildings at cost 96,000 Plant and Machinery at cost 100,000 Motor Vehicle at cost 150,000 Fixtures and fittings at cost 250,000 Accumulated Depreciation: Motor Vehicles 45,000 Fixtures and Fittings 75,000 Inventory – 1 January 2002 491,200 Trade Receivables 107,000 Trade Payables 131,000 Provision for bad debt 5,000 Bank 445,000 Bad Debt 23,000 Cash 300,000 Sales 2,500,000 Administration Expenses 100,000 Selling Expenses 73,000 Distribution Expenses 45,000 Purchases: Local 1,340,000 Goods from head office 250,000 Head Office current account: Goods from head office 250,000 Cash from head office 491,600 Remittances to head office 617,400 ------------- -------------- 3,942,600
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foreign branch - branch only lecture question - UNIT 2:...

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