Advanced accounting by baysa lupisan chapter 08

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Advanced accounting by baysa  lupisan chapter 08

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CHAPTER SUGGESTED ANSWERS EXERCISES Exercise - (a) (b) (c) (d) (e) (f) Working Fund - Agency Cash 5,000 5,000 Accounts Receivable - Agency Sales - Agency 50,000 Cash Accounts Receivable - Agency 35,000 50,000 35,000 Expenses - Agency Cash 4,500 Expenses - Agency Cash 2,250 Cost of Sales - Agency Shipments to Agency 4,500 2,250 36,000 36,000 Exercise 8- (a) (b) (c) (d) (e) (f) (g) Working Fund - Makati Agency Samples - Makati Agency Cash Shipments to Makati Agency 10,000 60,000 10,000 60,000 Accounts Receivable - Makati Agency Sales - Makati Agency 200,000 Cost of Sales - Makati Agency Shipments to Makati Agency 116,000 200,000 116,000 Salaries and Commission - Makati Agency Furniture and Fixtures - Makati Agency Cash 20,000 45,000 Delivery Expense - Makati Agency Office Supplies Expense - Makati Agency Cash 6,200 1,000 Samples Expense - Makati Agency Samples - Makati Agency Office Supplies - Makati Agency Office Supplies Expense 65,000 7,200 25,000 25,000 300 300 AA1- Chapter (2008 edition) (h) (I) (j) page Depreciation Expense - Makati Agency Accumulated Depr - Furniture & Fixtures Sales - Makati Agency Agency Income Cost of Sales - Makati Agency Salaries and Commission - Makati Agency Delivery Expense - Makati Agency Samples Expense - Makati Agency Office Supplies Expense - Makati Agency Depreciation Expense - Makati Agency Agency Income Income Summary 1,250 1,250 200,000 30,850 116,000 20,000 6,200 25,000 700 1,250 30,850 30,850 Exercise 8-3 Home Office Books (a) (b) (c) (d) (e) (f) (g) (h) Cash Iloilo Branch 20,000 20,000 Iloilo Branch Cash 3,500 Expenses Iloilo Branch 1,200 3,500 1,200 Iloilo Branch Shipments to Iloilo Branch 32,000 Shipments to Iloilo Branch Iloilo Branch 15,000 32,000 15,000 Furniture and Fixtures Cash 5,500 5,500 Iloilo Branch Accumulated Depr - Furniture & Fixtures Branch Income Branch 550 550 2,600 2,600 Branch Office Books (a) Home Office 20,000 AA1- Chapter (2008 edition) page Cash (b) (c) (d) (e) Expenses Home office 3,500 Home Office Cash 1,200 3,500 1,200 Shipments from Home Office Home Office 32,000 Home Office Shipments from Home Office 15,000 (f) Memo entry (g) Depreciation Expense Home Office (h) 20,000 32,000 15,000 550 550 Home Office Income Summary 2,600 2,600 Exercise 8-4 Home Office Books (a) (1) (5) Dagupan Branch Shipments to Branch 300,000 Cash Dagupan Branch 150,000 300,000 150,000 Branch Office Books (1) (2) (3) (4) (5) Shipments from Home Office Home Office 300,000 Accounts Receivable Sales 390,000 Expenses Cash Accrued Expenses 74,000 300,000 390,000 72,000 2,000 Cash Sales Discount Accounts Receivable 288,000 6,000 Home Office Cash 150,000 294,000 150,000 AA1- Chapter (2008 edition) (6) (7) page Furniture and Fixtures Cash 40,000 40,000 Expenses Accumulated Depr - Furniture & Fixtures 8,000 8,000 (b) Merchandise Inventory Sales Shipments from Home Office Expenses Sales Discounts Income Summary 60,000 390,000 300,000 82,000 6,000 62,000 Income Summary Home Office 62,000 62,000 (c) Honda Sales, Inc Statement of Recognized Income and Expenses - Branch For the Year Ended December 31,2008 Sales Less: Sales Discount Cost of sales: Shipment to Home Office Less: Inventory, end 240,000 Gross Profit Expenses 82,000 Net Profit (d) P 390,000 6,000 P384,000 P 300,000 60,000 P 144,000 P 62,000 Honda Sales, Inc Statement of Financial Position - Branch December 31,2008 Assets Cash (-720,00 + 288,000 - 150,000 - 40,000) Accounts Receivable (390,000 – 294,000) Merchandise Inventory Furniture and Fixture Less: Accumulated Depreciation Total Assets P 26,000 96,000 60,000 P 40,000 8,000 32,000 P 214,000 Liabilities Accrued Expenses Home Office (300,000 - 150,000 + 62,000) Total Liabilities P 2,000 212,000 P 214,000 AA1- Chapter (2008 edition) page Exercise 8- Home Office Books (a) (b) (c) (d) (a) (b) (c) (d) Furniture and Fixtures Branch 24,500 Branch Cash 24,500 24,500 24,500 Branch Accumulated Depr - Furniture & Fixtures Furniture & Fixtures - new Accumulated Depr - Furniture & Fixtures Branch Income Furniture & Fixtures - old Cash Branch Office Books 2,450 2,450 40,000 2,450 7,050 24,500 25,000 Home Office Accounts Payable 24,500 Accounts Payable Home Office 24,500 Depreciation Expense Home Office 24,500 24,500 2,450 2,450 Memo entry Exercise 8-6 Jan 10 10 16 16 20 25 Notes Payable Home Office Furniture and Fixtures Home Office 2,500 2,500 10,000 10,000 Shipments from Home Office Home Office 6,500 Home Office Cash 2,000 Home Office Shipments from Home Office 1,200 Home Office Accounts Receivable 6,500 2,000 1,200 150 150 AA1- Chapter (2008 edition) 30 31 page Expenses Home office 800 Home Office Income Summary 750 800 750 Exercise -7 Honda Company Reconciliation of Home Office and Branch Accounts December 31,2008 HO Books Unadjusted balances Adjustments; (a) Merchandise in transit (b) Collection of home office accounts rec’l (c) Error in recording the net income of branch (P1,215 - P1,125) (d) Merchandise returned by branch still in transit Adjusted balances Branch Books HO Acct P 9,735 Branch Acct P 8,400 615 2,500 90 ( 640) P 10,350 _ P 10,350 Requirement Home Office Books (b) (c) (d) Branch Accounts Receivable 2,500 2,500 Branch Branch Income 90 90 Shipments to Branch Branch 640 640 Branch Books (a) Shipments from Home Office Home Office Exercise 8-8 615 615 Home Office Books (a) (b) (c) Allowance for Doubtful Accounts Makati Branch 600 600 Makati Branch General and Administrative Expense 1,250 Manila Branch Makati Branch 1,200 1,250 1,200 AA1- Chapter (2008 edition) (d) page Makati Branch Allowance for Uncollectible Accounts 850 850 Branch Books (a) (b) Home Office Accounts Receivable 600 600 General and Administrative Expenses Home Office (c) No entry (d) Uncollectible Accounts Expense Home office 1,250 1,250 850 850 PROBLEMS Problem 8-1 (a) (b) (c) (d) (e) (f) (g) Samples - Cebu Agency Advertising Materials - Cebu Agency Shipments to Cebu Agency Advertising Materials 60,000 35,000 Working Fund - Cebu Agency Cash 30,000 60,000 35,000 30,000 Accounts Receivable - Cebu Agency Sales - Cebu Agency 330,000 Cost of Sales - Cebu Agency Shipments to Cebu Agency 250,000 Cash Sales Discounts - Cebu Agency Accounts Receivable - Cebu Agency 245,000 5,000 330,000 250,000 250,000 Rent Expense - Cebu Agency Delivery Expense - Cebu Agency Repairs and Maintenance - Cebu Agency Cash 15,000 3,000 2,200 Salaries and Wages - Cebu Agency Commission Expense - Cebu Agency Salaries and Wages Commission Expense 10,200 33,000 Samples Expense - Cebu Agency 15,000 20,200 10,200 33,000 AA1- Chapter (2008 edition) page Samples - Cebu Agency (g) (h) (I) 15,000 Advertising Materials Expense - Cebu Agency Advertising Materials - Cebu Agency Sales - Cebu Agency Agency Income Cost of Sales - Cebu Agency Sales Discounts - Cebu Agency Rent Expense - Cebu Agency Delivery Expense - Cebu Agency Repairs and Maintenance - Cebu Agency Salaries and Wages - Cebu Agency Commission Expense - Cebu Agency Samples Expense - Cebu Agency Advertising Materials Expense - Cebu Agency Income Summary Agency Income 10,500 10,500 330,000 13,900 250,000 5,000 15,000 3,000 2,200 10,200 33,000 15,000 10,500 13,900 13,900 Problem 8- Home Office Books (a) (b) Branch Cash No entry (d) Branch Cash Equipment Gain on Transfer of Equipment No entry (f) 150,000 Branch Shipments to Branch (c) (e) 150,000 90,000 90,000 90,000 3,000 75,000 12,000 Expenses Cash (g) and (h) no entry (I) Cash Branch 7,500 7,500 52,500 52,500 Branch Books (a) (b) Cash Home Office Shipments from Home Office 150,000 150,000 90,000 AA1- Chapter (2008 edition) page Home Office (c) (d) (e) Purchases Cash Equipment Home Office 120,000 90,000 90,000 250,000 Cash Accounts Receivable 100,000 No entry (g) Depreciation Expense - Equipment Accumulated Depr - Equipment (I) 120,000 Accounts Receivable Sales (f) (h) 90,000 250,000 100,000 9,000 9,000 Selling and Administrative Expenses Cash 45,000 Home Office Cash 52,500 45,000 52,500 Problem 8-3 Requirement a b c d e f g h Accounts Receivable Sales 80,000 Purchases Accounts Payable 21,000 Shipments from Home Office Home office 40,000 Cash Accounts Receivable 76,000 Accounts Payable Cash 20,200 Allowance for Uncollectible Accounts Accounts Receivable 80,000 21,000 40,000 76,000 20,200 1,200 1,200 Home Office Cash 30,000 Expenses 24,800 30,000 AA1- Chapter (2008 edition) page 10 Cash I j k l 24,800 Expenses Home Office 1,600 Prepaid Expenses Accrued Expenses Expenses Allowance for Doubtful Accounts Accumulated Depreciation 200 400 1,700 1,600 1,100 1,200 Merchandise Inventory, end Sales Income Summary Merchandise Inventory, beg Shipments from Home Office Purchases Expenses 38,800 80,000 3,300 33,000 40,000 21,000 28,100 Home Office Income Summary 3,300 3,300 Requirement Volvo Company Statement of Recognized Income and Expenses - Branch For the Year Ended December 31, 2008 Sales Cost of goods sold: Inventory, January Purchases Shipments from home office Cost of goods available for sale Less Inventory, December 31 Gross profit Operating expenses Net loss P80,000 P33,000 21,000 40,000 P94,000 38,800 Volvo Company Statement of Financial Position - Branch December 31, 2008 Assets 55,200 P24,800 28,100 P 3,300 AA1- Chapter (2008 edition) page 11 Cash (7,000 + 76,000 + 20,200 - 30,000 - 24,800) Accounts Receivable (24,400 + 80,000 - 76,000 -1,200) Less Allowance for Uncollectible Accounts Merchandise Inventory Prepaid Expenses Furniture and Fixtures Less Accumulated Depreciation Total Assets Liabilities P 8,000 P27,200 1,600 P 7,700 6,600 Accounts Payable (4,000 + 21,000 - 20,200) Accrued Expenses Home Office (60,500 + 40,000 - 30,000 + 1,600 - 3,300) Total Liabilities 25,600 38,800 900 1,100 P74,400 P 4,800 800 68,800 P74,400 Volvo Company Statement of Changes in Home Office Account For the Year Ended December 31, 2008 Home office account balance, January Add: Shipments from home office Expenses paid by home office Total Deduct: Remittance to home office Net loss Home office account balance, December 31 Requirement c g i P 60,500 P 40,000 1,600 P 30,000 3,300 Davao Branch Shipments to Branch 40,000 Cash Davao Branch 30,000 41,600 P102,100 33,300 P 68,800 40,000 30,000 Davao Branch Cash 1,600 1,600 Branch Income Davao Branch 3,300 3,300 Problem 8-4 Requirement Branch Books a Cash Shipments from Home Office Accounts Receivable Home Office 15,000 102,000 26,000 143,000 AA1- Chapter (2008 edition) page 12 Home Office Cash b c d e f g h I 9,000 9,000 Accounts Receivable Sales 62,000 Cash Accounts Receivable 26,000 Purchases Accounts Payable 30,000 Accounts Payable Cash 14,500 Expenses Cash 12,500 Cash Home Office Accounts Receivable 16,000 1,500 Shipments from Home Office Home Office 12,500 Home Office Cash 10,000 62,000 26,000 30,000 14,500 12,500 17,500 12,500 10,000 Home Office Books a Bacolod Branch Cash Shipments to Branch Accounts Receivable Store Furniture and Fixtures Bacolod Branch b c d e 143,000 15,000 102,000 26,000 9,000 9,000 Accounts Receivable Sales 346,000 Cash Accounts Receivable 400,000 Purchases Accounts Payable 316,000 Accounts Payable Cash 362,000 346,000 400,000 316,000 362,000 AA1- Chapter (2008 edition) f g h I page 13 Expenses Accrued Expenses Cash 89,500 2,500 92,000 Allowance for Uncollectible Accounts Bacolod Branch 1,500 1,500 Bacolod Branch Shipments to Branch 12,500 Cash Bacolod Branch 10,000 12,500 10,000 Requirement Jazz Company Statement of Recognized Income and Expenses - Bacolod Branch For the Month Ended January 31, 2008 Sales Cost of goods Sold: Shipments from Home Office (102,000 + 12,500 + 6,000) Purchases Cost of Goods Available for Sale Less Merchandise Inventory, December 31 (9,800 + 600) Gross Profit Expenses (12,500 + 4,750 + 350+ 3,500) Net Loss P 62,000 P120,500 30,000 P150,500 104,000 46,500 P 15,500 21,100 P 5,600 Jazz Company Statement of Financial Position - Bacolod Branch January 31, 2008 Assets Cash (15,000 - 9,000 + 26,000 - 14,500 - 12,500 + 16,000 - 10,000) Accounts Receivable (62,000 + 26,000 - 26,000 – 17,500) Merchandise Inventory (98,000 + 6,000) Total Assets Liabilities Accounts Payable (30,000 - 14,500) Accrued Expenses Home Office (143,000-9,000-1,500+12,500-10,000+6,000+4,750+350 -5,600) P 11,000 44,500 104,000 P159,500 P 15,500 3,500 140,500 AA1- Chapter (2008 edition) page 14 Total Liabilities P159,500 Jazz Company Statement of Recognized Income and Expenses - Home Office For the Month Ended January 31, 2008 Sales Cost of Goods Sold: Merchandise Inventory, January Purchases Cost of Goods Available for Sale Less Shipments to Branch (102,000 + 12,500 + 6,000) Cost of Goods Available for Own Sale Less Merchandise Inventory, December 31 Gross Profit Expenses (89,500 - 4,750 + 1,000 + 7,500) Net Income from Own Operations Less Branch Net Loss Net profit Income Tax Net Profit P346,000 P460,000 316,000 P776,000 120,500 P655,500 445,000 210,500 P135,500 93,250 P 42,250 5,600 P 36,650 12,828 P23,822 Jazz Company Statement of Financial Position - Home Office January 31, 2008 Assets Cash (150,000 - 15,000 + 400,000 – 362,000 - 92,000 + 10,000) Accounts Receivable (420,000 - 26,000 + 346,000 - 400,000) Less Allowance for Uncollectible Accounts (12,000 - 1,500) Merchandise Inventory Branch (143,000 - 9,000 - 1,500 + 12,500 - 10,000 + 6,000 + 4,750+ 350 - 5,600) Store Furniture and Fixtures (150,000 + 9,000) Less Accumulated Depreciation (46,000 + 1,350) Total Assets P 91,000 P340,000 10,500 329,500 445,000 140,500 P159,000 47,350 111,650 P1,117,650 Liabilities and Shareholders’ Equity Accounts Payable (337,500 + 316,000 - 362,000) Accrued Expenses Income Tax Payable Ordinary Share Capital (282,000 + 36,650) Retained Earnings (282,000 + 23,822 Total Liabilities and Shareholders’ Equity P 291,500 7,500 12,828 500,000 305,822 P1,117,650 Requirement Jazz Company Combined Statement of Recognized Income and Expenses for Home Office and Branch For the Month Ended January 31, 2008 AA1- Chapter (2008 edition) page 15 Sales Cost of Goods Sold: Merchandise Inventory, January Purchases Cost of Goods Available for Sale Less Merchandise Inventory, December 31 Gross Profit Expenses Net Profit Income Tax Net profit P408,000 P460,000 346,000 P806,000 549,000 257,000 P151,000 114,350 P 36,650 12,828 P 23,822 Jazz Company Combined Statement of Financial Position for Home Office and Branch January 31, 2008 Assets Cash Accounts Receivable Less Allowance for Uncollectible Accounts Merchandise Inventory Store Furniture and Fixtures Less Accumulated Depreciation Total Assets P 102,000 P384,500 10,500 P159,000 47,350 374,000 549,000 111,650 P1,136,650 Liabilities and Shareholders’ Equity Accounts Payable Accrued Expenses Income Tax Payable Ordinary Share Capital Retained Earnings Total Liabilities and Shareholders’ Equity P 307,000 11,000 12,828 500,000 305,822 P1,136,650 Requirement Branch Books a b Shipments from Home Office Home Office 6,000 Expenses Home Office 4,750 6,000 4,750 AA1- Chapter (2008 edition) c d e page 16 Expenses Home Office P22,500 + P9,000 = P31,500/7.5 yrs x 1/12 Expenses Accrued Expenses 350 350 3,500 3,500 Sales Merchandise Inventory, end Income Summary Shipments from Home Office 62,000 104,000 5,600 120,500 30,000 21,100 Purchases Expenses f Home Office Income Summary 5,600 5,600 Home Office Books a b c d e f Bacolod Branch Shipments to Branch 6,000 Bacolod Branch Expenses 4,750 Expenses Bacolod Branch Accumulated Depreciation ( 150,000 - 30,000 = 120,000 x 10% x 1/12 = 1,000 ) Expenses Accrued Expenses 1,000 350 Branch Income Bacolod Branch 5,600 Sales Shipments to Branch Merchandise Inventory, end Income Summary Merchandise Inventory, beg Purchases Expenses Branch Income 6,000 4,750 1,350 7,500 7,500 5,600 346,000 120,500 445,000 36,650 460,000 316,000 93,250 5,600 Income Tax Income Tax Payable 12,828 Income Summary Income Tax 12,828 12,828 12,828 AA1- Chapter (2008 edition) g page 17 Income Summary Retained Earnings 23,822 23,822 Problem 8-5 Requirement Feroza Company Working Paper for Combined Financial Statement For the Year Ended December 31,2008 Debits Cash NR AR Inventories F&E Branch Cur CGS OE Credits AP CS HO Cur RE Sales HO 63,000 10,500 120,600 143,700 72,150 124,050 300,750 104,250 939,000 BR 21,900 Adjustments Eliminations Dr Cr Combined Income Statement Dr Cr 55,950 36,300 Combined Balance Sheet Dr Cr 84,900 10,500 176,550 180,000 72,150 a.124,050 128,700 32,850 275,700 429,450 137,100 61,500 300,000 61,500 300,000 124,050 37,500 540,000 939,000 Net Profit a.124,050 37,500 151,650 275,700 124,050 124,050 566,550 125,100 691,650 691,650 691,650 691,650 524,100 Requirement a Sales Income Summary Cost of Goods Sold Operating Expenses 151,650 9,900 128,700 32,850 125,100 524,100 AA1- Chapter (2008 edition) b page 18 Home Office Income Summary 9,900 9,900 Requirement a b Branch Income Branch 9,900 Income Summary Branch Income 9,900 9,900 9,900 Problem 8-6 Requirement Isuzu Company Reconciliation of Home Office and Branch Accounts January 31, 2008 Unadjusted balances Add (deduct); Advertising expense charged to branch Merchandise shipment in transit Merchandise shipment for P16,560 recorded as P16,650 Collection of home office account Understatement of 1994 depreciation Remittance to home office in transit Adjusted balances Home Office Books Branch Acct P77,150 Branch Books Home Office Acct P56,450 600 4,400 ( 750 ( 540) (16,000) P61,360 90) _ P61,360 Requirement Home Office Books a Cash Retained Earnings Accounts Receivable Iloilo Branch 16,000 540 750 15,790 Branch Books a Advertising Expense Shipments from Home Office Home Office 600 4,310 4,910 AA1- Chapter (2008 edition) page 19 Problem 8-7 Requirement a b c Shipments from Home Office Operating Expenses Home Office Current 57,600 8,100 65,700 Sales Merchandise Inventory, end Income Summary Merchandise Inventory, beg Shipments from Home Office Operating Expenses 778,200 122,180 Income Summary Home Office Current 116,990 116,990 47,800 680,800 54,790 116,990 Requirement a b c Freight-Out Branch Current 470 Cash Branch Current 19,200 Branch Current Branch Income 116,990 470 19,200 116,990 Requirement Ford Company Reconciliation of Current Account December 31,2008 Balances before adjustment Shipment in transit Advertising charged to branch Rent charged to branch Error in charging freight Remittance in transit Branch Home Office Acct Acct P 206,344 P120,974 57,600 4,200 3,900 (470) (19,200) P 186,674 P 186,674 AA1- Chapter (2008 edition) page 20 Problem 8-8 Mitsubishi Trading Company Reconciliation of Home Office and Branch Accounts December 31, 2008 Unadjusted balances Add (deduct): Error in recording cost of equipment Insurance premium recorded twice by branch Freight for P1,125 recorded as P1,215 Discount from home office not recorded Share of branch in advertising not recorded Error in recording remittance Adjusted balances Branch Acct P225,770 Home Office Acct P220,485 3,150 675) 90) 800) 700 P222,770 ( ( ( ( 3,000) P222,770 Requirement a Office Equipment Advertising Expense Insurance Expense Freight Discount from Home Office Home Office 3,150 700 675 90 800 2,285 MULTIPLE CHOICE B A A Sales Cost of sales ( 400,0000 - 70,000) Gross profit Expenses [30,000 + 10,000 + (10,000 - 6,000) + 5,000] Net profit A Sales Cost of sales w/o freight Add freight Cost of sales w/ freight P400,000 330,000 70,000 49,000 P 21,000 P46,500 x 70% P32,550 1,100 P33,650 AA1- Chapter (2008 edition) Sales Less Sales Discount (39,690 / 98%) - 39,690 Cost of sales Gross Profit Expenses: Selling Administrative (46,500 x 5%) Samples Expenses Net Profit page 21 P46,500 810 P 2,820 2,325 1,900 P45,690 33,650 P12,040 7,045 P 4,995 17,500 + 8,000 +9,250 + (50,000 x 60% x 1/6) C Sales Cost of sales Gross Profit Expenses Net Income D B P 87,00 / 125% = Sales Cost of sales Gross Profit Expenses (350 + 250) Net Income P70,000 P 87,500 70,000 P 17,500 6,000 P 11,500 10 A 11 C 12 B 13 A Sales Cost of sales Shipments Less Inventory, end Gross Profit Expenses Net Profit P74,000 14 15 A A P17,500 + 8,680 16 D 203,500 – (186,120 – 25,245 – 18,755) = 23,870 17 D Home Office Current Branch Income Correct branch account - current P176,000 105,000 P 71,000 39,750 P 31,250 P67,680 9,180 58,500 P15,500 6,820 P 8,680 P 26,180 P 48,125 23,870 P 71,995 AA1- Chapter (2008 edition) 18 B Sales Cost of Sales: Shipments from home office Less Inventory, Dec 31 Gross profit Expenses Net Profit 19 C P90,000 + P14,400 20 A P1,500 + 43,800 + 37,170 21 D Net Sales (198,720 - 3,600) Cost of sales Beg Inventory Shipments Goods available for sale End Inventory Gross Profit Expenses (57,930 + 1,920) Net Profit 22 C Balances before adjustment Adjustments: Shipments in transit HO AR collected by branch Supplies returned Error in recording Br net income Cash to Branch in transit 23 D 24 C Balances Error in recording allowance Advances taken by Pres Share in advertising expense page 22 P112,500 P120,000 30,000 90,000 P 22,500 8,100 P 14,400 P104,400 P 82,470 P 195,120 P 37,170 136,000 P 173,170 41,370 131,800 P 63,320 59,850 P 3,470 BR Acct HO Acct P150,000 P117,420 37,500 10,500 (4,500) (1,080) 25,000 25,000 P179,920 P 179,920 P 179,920 BR Acct P43,500 HO Acct P41,900 60 (550) 900 P42,950 P42,950 25 26 A C Sales Cost of sales Inventory, beg Merchandise from Home Office Merchandise available for sale Less Inventory, end Gross profit Operating Expenses Net profit of Branch A P 100,000 P21,000 61,000 P82,000 19,000 Branch A 63,000 P37,000 21,000 P16,000 Branch B AA1- Chapter (2008 edition) page 23 Imprest branch fund Accounts Receivable, Jan.1 Inventory, Jan.1 Home Office account P 2,000 55,000 21,000 P 78,000 P 1,500 43,500 19,000 P 64,000 27 B 28 C Imprest branch fund Accounts Receivable, Dec 31 Inventory, Dec 31 Balance of Branch account - current P 1,500 53,000 12,000 P 67,000 29 D Sales Cost of sales Inventory, Jan.1 Merchandise from Home office Merchandise available for sale Less Inventory, Dec.31 Gross profit Operating Expenses Net profit of Branch B P 80,000 30 P 19,000 47,000 P 66,000 12,000 D HO Account Beg Balances Branch remittances Shipment to branch Home office expense paid by branch Branch receivable collected by branch P 30,670 (55,000) 138,000 (5,700) P 107,970 31 D Branch Acct P 133,970 (7,200) Unadjusted balances Remittance in transit Shipment in transit Home office expense paid by branch Branch receivable collected by branch Branch net profit 54,000 P 26,000 14,300 P 11,700 Branch Acct P 30,670 (47,800) 160,000 (8,900) P 133,970 HO Acct P 107,970 22,000 (5,700) 6,500 P 127,570 (8,900) 6,500 P 127,570 32 A Marketing Expense of another branch charged to Butuan Butuan’s remittance credited to Davao Net adjustment in Home Office Banch account P (10,000) ( 65,700) P (75,700) 33 C Fixed account not recorded by Butuan Inventory transfer recorded twice by Butuan Error in recording debit memo Net adjustment in Branch Books P (53,960) 75,000 ( 90) P 20,950 4,650 AA1- Chapter (2008 edition) 34 page 24 D Branch Account 35 B Unadjusted balances P165,920 Home Office Account P111,170 Net adjustment in Branch Account Adjusted balances (75,700) P 90,220 (20,950) P 90,220 ... 24,500 24,500 Branch Accumulated Depr - Furniture & Fixtures Furniture & Fixtures - new Accumulated Depr - Furniture & Fixtures Branch Income Furniture & Fixtures - old Cash Branch Office Books 2,450... not recorded by Butuan Inventory transfer recorded twice by Butuan Error in recording debit memo Net adjustment in Branch Books P (53,960) 75,000 ( 90) P 20,950 4,650 AA1- Chapter (2 008 edition)... Office Cash 150,000 294,000 150,000 AA1- Chapter (2 008 edition) (6) (7) page Furniture and Fixtures Cash 40,000 40,000 Expenses Accumulated Depr - Furniture & Fixtures 8,000 8,000 (b) Merchandise

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