The following are the transaction of s company will in branch for 2(two) year they follow periodic inventory system.
1. Beginning inventory balance with in birr 10000
2. S company shipped merchandise is birr costing 80000 cash 20000
3. Birr sold merchandise costing 60000 for 100000
4. Operation expenses paid by birr 150000
5. Cash remittance by birr to home office 50000
6. Ending inventory with in birr 30000
Required
1. Record the journal entry both the home office and branch
2. Close the income statement
3. Find the net income of home office and branch
