Question: Hard and Fast carry on a business having a Head Office and two branches. All purchases are made by Head Office which invoices goods to the branches at cost plus 25 %. All sales are made by the branches. Cash received by the branches is remitted to Head Office. Branch expenses are paid direct from Head Office. The following are the details of transactions for the year to 30th June, 1962.
Record the above transactions in the Head Office Books and close ofif the Accounts concerned at 30th June, 1962.