Question: A. & B. Bryson are partners in the firm of ACARA, Wholesale Exporters, sharing profits and losses equally, after interest of 8 per cent has been allowed on fixed capital, and salaries of £2,400 and £2,000 have been credited respectively. The following is the Trial Balance of the General Ledger at 31st December, 1960c
Convert the Branch Trial Balance to Sterling, obtain gross profit for branch and head office, and prepare consolidated Profit & Loss Account for the year and Balance Sheet as at 31st December, 1960.