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  • Probset (HOBA)

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    Angela Marie Penaranda
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    The document provides accounting information for two branches - Branch A and Branch B - and the Home Office as of January 1, 2022. For Branch A, the total unadjusted balance of the Home Office - Current account was ₱78,000 comprising inventory of ₱21,000, imprest fund of ₱2,000 and accounts receivable of ₱55,000. For Branch B, the total unadjusted balance of the Home Office - Current account was ₱64,000 comprising inventory of ₱19,000, imprest fund of ₱1,500 and accounts receivable of ₱43,500. The total balance of the Shipments to Branch

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    probset (HOBA)

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    The document provides accounting information for two branches - Branch A and Branch B - and the Home Office as of January 1, 2022. For Branch A, the total unadjusted balance of the Home Office - Current account was ₱78,000 comprising inventory of ₱21,000, imprest fund of ₱2,000 and accounts receivable of ₱55,000. For Branch B, the total unadjusted balance of the Home Office - Current account was ₱64,000 comprising inventory of ₱19,000, imprest fund of ₱1,500 and accounts receivable of ₱43,500. The total balance of the Shipments to Branch

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    2 views2 pages

    Probset (HOBA)

    Uploaded by

    Angela Marie Penaranda
    The document provides accounting information for two branches - Branch A and Branch B - and the Home Office as of January 1, 2022. For Branch A, the total unadjusted balance of the Home Office - Current account was ₱78,000 comprising inventory of ₱21,000, imprest fund of ₱2,000 and accounts receivable of ₱55,000. For Branch B, the total unadjusted balance of the Home Office - Current account was ₱64,000 comprising inventory of ₱19,000, imprest fund of ₱1,500 and accounts receivable of ₱43,500. The total balance of the Shipments to Branch

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 2

    PROBLEM 1

    1. How much is the total adjusted balance of Home Office - Current account at the end of the current year?
    ANSWER: ₱ 220,000.00

    2. How much is the total unadjusted balance of Investment in Branch account at the end of the current year?
    ANSWER: ₱ 190,000.00

    Solution to Problem 1:
    DEBIT CREDIT
    Investment in Branch Home Office - Current
    Unadjusted balances ₱ 190,000.00 ₱ 250,000.00
    Return of inventory (20,000.00)
    Inventory for Manila branch received by Makati branch 10,000.00
    Inventory for Makati branch received by Marikina branch (30,000.00)
    Collection of receivables of Makati branch by Manila branch (40,000.00)
    Collection of receivables of the Home Office by Makati branch 60,000.00
    Credit memo sent by the Home Office (30,000.00)
    Erroneous recording of net income 50,000.00
    Adjusted balances ₱ 220,000.00 ₱ 220,000.00
    PROBLEM 2
    1. Branch A

    Inventory, Jan. 1, 2022 ₱ 21,000.00


    Imprest branch fund 2,000.00
    Accounts Receivable, Jan. 1, 2022 55,000.00
    Home Office - Current, Jan. 1, 2022 ₱ 78,000.00

    2. Branch B

    Inventory, Jan. 1, 2022 ₱ 19,000.00


    Imprest branch fund 1,500.00
    Accounts Receivable, Jan. 1, 2022 43,500.00
    Home Office - Current, Jan. 1, 2022 ₱ 64,000.00

    3. Total balance of Shipments to Branch account

    Shipment to Branch A ₱0.00


    Shipment to Branch B 0.00
    Total balance ₱0.00

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