Home Office Branch Accounting at Cost

ADVANCED ACCOUNTING PART 2 HOME OFFICE AND BRANCH ACCOUNTING BILLING AT COST

1. Which statement/s is/are true I. In the income statement of the home office, Shipment to Branch account is added to the beginning inventory to show merchandise available for sale. II. Shipment to Branch account is eliminated in the combined income statement of the home office and the branch. III. In the Income statement of the branch, Shipment from Home Office account is a deduction from merchandise available for sale. a. I only b. II only c. III only d. I and III e. II and III 2. If the home office purchases office equipment for the branch and this is recorded in the books of the home office, which entry is correct to record the purchase in the books of the home office? a. Debit office equipment and credit investment in branch b. Debit investment in branch and credit office equipment c. Debit office equipment and credit cash d. Debit investment in branch and credit cash e. No entry required 3. On December 31, 2018, the Branch Current account account in the books of the home office shows a balance before adjustment of P50,000 The following facts are ascertained: a. Merchandise billed at P12,000 is in transit on December 31 from the home office to the branch b. The branch collected a home office accounts receivable for P3,500. The branch did not notify the home office of such collection. c. On December 30, the home office sent cash of P7,500 to the branch, but this was charged to general expense. The branch has not received the cash as of December 31. d. Branch profit for December was recorded by the home office at P2,400 instead of P2,040. e. The branch returned supplies of P1,500 to the home office but the home office has not yet recorded the receipt of the supplies. All other transactions have been properly recorded. What is the adjusted balance of the reciprocal accounts at December 31, 2018? 59,140 4. The following were found in your examination of the interplant accounts between between Home Office and Cebu Branch: a. Transfer of fixed assets from home office amounting to P53,960 was not booked by the branch. b. A P10,000 amount covering marketing expense e xpense of another branch was charged by home office to Cebu branch. c. Cebu branch recorded a debit note on Inventory transfer from home office of P75,000 twice. d. Home office recorded a cash transfer of P65,700 from Cebu branch as coming from Davao branch.

1

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e.

Cebu branch reversed a previous debit memo from Bacolod branch amounting to P10,500. Home office decided that this charge is appropriately Davao’s branch’s cost. f. Cebu branch recorded recorded a debit memo from home office of P4,650 as P4,560 . g. Before the above discrepancies were given effect, the balance in the home office books of its Cebu branch current account was a debit balance of P165,920. What is the unadjusted balance in the books of Cebu branch of its home office current account? 111,170 5. Using the same date of no. 4, what is the adjusted balance of the reciprocal accounts? 90,220 6. Using the same data of no. 4, how much is the net adjustment in the home office books related to Cebu branch current account? 75,700 credit 7. The following are the postings to the inter-office i nter-office accounts of Rita Ora Corporation for 2018 prior to the closing of books: CEBU BRANCH CURRENT Jan. 01 Feb. 10 Apr. 30 Nov. 20 Dec. 28 Dec. 29

Balance Shipments to branch Branch expenses Shipments to branch Shipments Shipments to branch Replenishment check for branch

15,600 8,000 9,800 18,300 20,100 11,500

Oct. 01 Dec. 05 Dec. 31

Remittance from Branch Goods returned by branch Collection of branch A/R

18,700 18, 700 780 6,500

Balance Shipment from H/O Expenses paid by H/O Shipments from H/O

15, 600 8,000 9,800 13,800

HOME OFFICE CURRENT Sep. 30 Dec. 02 Dec. 30

Remittance to home office Goods returned Home office expenses paid

18,700 7,800 9,500

Jan. 01 Feb. 15 May 10 Dec. 05

Based on the above postings, the balances of the inter-office accounts before adjustment adjustment are:

a. b. c. d. e.

Branch Books 57,230 debit balance 11,200 credit balance 57,320 credit balance 11,200 debit balance None of these

Home Office Books 11,200 credit balance 57,320 debit balance 11,200 debit balance 57,230 credit balance

8. Using the same data of no. 7, what is the adjusted balance of the reciprocal accounts? 40,800 9. Wonderful Sales, Inc. opened a branch store in Cebu City on January 1, 201 8 to improve its sales. The branch passed on credit makes collections, and pays expenses out of cash received. Shipments to branch are billed at cost. Summaries of the branch transactions transactions are as follows:

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Cash remitted to the home office Furniture acquired by the branch for cash Depreciation on the furniture At the close of the year, the branch inventory was P6,000 How much is the branch income or loss for the period? 6,200

15,000 4,000 800

10. Using the same data of no. 9, how much would be the total assets of the branch at December 31? 21,400 11. The branch manager of Victoria Secrets in Cebu submitted a report as of June 30, 2018 containing the following information:

Petty cash fund Sales Sales Returns Accounts written off Shipments from home office Accounts receivable, June 30, 2011 Accounts receivable, June 30, 2012 Inventory, June 30, 2011 Inventory, June 20, 2012 Expenses

P 1,500 198,720 3,600 1,920 136,080 136,080 43,800 37,170 42,370 57,930

Based on the above information, what can you assume as the balance of the branch current account as of June 30, 2017? 174,750 12. Using the same data of no. 11, and assuming that all cash collected by the branch was remitted to the home office, how much would be total remittances for the period? 285,480 For questions 13-16: Below are the account balances per books of the Home office and Branch of Alto Corporation at December 31, 2018

Cash Accounts Receivable Merchandise inventory Prepaid expenses Property and equipment, net Branch current account Purchases Shipments from home office Operating expenses Accounts payable Home office Capital stock

HOME OFFICE Dr. Cr. 3,400 11,440 10,000 1,960 10,000 12,000 24,000 8,600 2,680 20,000

BRANCH Dr. Cr. 1,840 1,760 4,800 1,160 3,600 8,000 10,000 7,040 2,200 12,0000

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81,400

81,400

38,200

38,200

Ending inventories are as follows: follows: Home office – P7,200; Branch – P5,600. From the foregoing data, calculate the following: 13. Net income/loss in a combined income statement. 18,960 14. Total assets in a separate balance sheet of the home office. 45,760 15. Total equities (liabilities plus home office) in a separate balance sheet of the branch. 13,960 16. Total shareholders’ equity in a combined balance sheet. 43,080 17. In a combined income statement, which of the following is/are deducted from the cost of good available for sale to determine the cost of goods sold? a. b. c. d. e.

Ending inventory Beginning inventory Shipment from home office Shipment to branch a and d

18. On November 1, 2018, Asia Pacific Corporation established and agency in Cebu City sending its merchandise samples costing P31,500 and a working fund of P18,000 to be maintained on the imprest basis. During the month, the agency transmitted to the home office sales orders which were billed at P128,760 of which 50% was collected. On November1, a home office disbursements chargeable chargeable to the agency is the procurement of office furniture costing P60,000 which is to be depreciated on a double-declining balance method. The office furniture is estimated to have an economic life of 5 years. The agency paid expenses of P7,630 and received replenishment from the home office. On November 20, 2018 the agency samples were valued at P20,150. The gross profit on goods shipped averages 66-2/3% of cost. How much is the net income (loss) of the agency for the month of November, 2018? 30,524 19. Turbo Corporation operates a branch in Cebu. At the end of 2018, the following are the unadjusted balances per books: Investment in Branch Home Office

P150,000 117,320

a. The branch has not received the P25,000 cash sent by the home office. This was erroneously charged to General Expense by home office. b. The home office has billed the branch the amount of P37,500 for merchandise which was in transit on December 31. c. A home office account receivable for P10,500 was collected by the branch. Said collection was not reported to the home office by the branch. d. Supplies of P4,500 were returned by the branch to the home office but the home office has not reflected in its records the receipt of the supplies. e. The branch made a profit of P10,000 for the month of December but the home office erroneously recorded it as P11,180. After reconciling the books based on the forgoing information, what is the adjusted balance of the reciprocal accounts? 179,820

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Shipments from Color Company Operating expenses Home office current

186,120 18,755 48,125

Shipments to branch are billed at cost. The December 31 inventory of the branch was P25,245. What is the correct balance on December31, 2018 of the investment in branch account in the books of the home office? 71,995 21. JYP Corporation operates a number of branches in Metro Cebu. On June 30, 2018, its Mandaue branch showed a Home office current account balance of P27,550 and the home office books showed an investment in Mandaue branch account of P25,550. The following information may help you in reconciling both accounts. a. A P12,000 shipment, charged by home office to Mandaue branch was actually sent to and retained by Tabunok branch. b. A P15,000 shipment, intended and charged to Pardo branch was shipped to Mandaue branch and retained by the latter. c. A P2,000 emergency cash transfer from Tabunok branch was not taken up in the home office books d. Home office collected a Mandaue branch accounts receivable of P3,600 and failed to notify the branch. e. Home office was charged for P1,200 for merchandise returned by Mandaue branch on June 28. The merchandise is in transit. Home office erroneously recorded Mandaue branch net income for June at 16,275. The branch reported a net income of P12,675. What is the reconciled amount of the reciprocal accounts? 23,750 22. Bighit Corporation established a branch in Davao City on January 1, 2018. The branch sells on credit, makes collections, pays expenses, and makes some purchases. Shipments to branch are billed at cost. Summaries of the branch transaction during the year are as follows: Purchases 10,000 Shipments from Bright Corporation 48,000 Operating expenses paid 7,200 Sales on account 59,750 Collections from customers (net of 3% 37,830 discount) Furniture acquired by the branch for cash 8,000 Cash remitted to Bighit Corporation 12,000 Additional information: a. The furniture was acquired on January 1, 2018. It has an estimated economic life of five years with a scrap value of P500. Depreciation is computed using the sum-of-the-years’ digit method. b. At the close of the year, the branch inventory was P20,000. What is the balance of the home office current account at December 31, 2018? 46,880 23. A reconciliation of the branch current account in the head office of T.O.P Bearbricks Company

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a. Collection of the branch accounts receivable by the home office, P800. Th e branch was not notified. b. Shipment in transit to the branch on December 31, P3,200. c. Acquisition of furniture by the branch, P1,200 (for home office). The furniture account is maintained on the home office books. Home office has not been notified notified of the acquisition. d. Return excess merchandise by the branch but not received yet by the home office, P1,500. e. Cash remittance by the branch on December 31, P500. This was still in transit. The Home Office current account in the branch books before adjustment has a credit balance of P44,000 at December 31, 2018. What is the adjusted balance of the reciprocal accounts at December 31? 46,400 24. As of December 31, 2018, the branch reported total assets of P140,000 and total liabilities of P30,000. On the same date, the assets of the home office consisted among others, of the following: Cash, P50,000; Accounts receivable-net, P20,000; Merchandise Inventory, P40,000; Prepaid expenses, P10,000; and Plant assets P80,000. If the home office has unpaid liabilities of P90,000, how much can you assume as the amount of total shareholders’ equity it should report in its December 31 balance sheet? 220,000 25. Park B., Inc. decided to create a branch in Cebu City at the start of 2018. The branch operation had the following transactions during 2018. a. Merchandise costing P350,000 and cash of P200,00 were transferred from the home office. b. The branch purchased on account additional merchandise inventory of P400,000 from other distributors. c. Sales of P650,000 were made by the branch during the period. The cost of these sales of these sales was P425,000. Cash of P600,000 was collected from sales during the year. d. Advertising costs of P40,000, sales commissions of P65,000, and other operating costs of P45,000 were incurred and paid by the branch. e. The branch paid P370,000 on account to other distributors and remitted P120,000 to the home office. What is the balance of the Home Office current account at December 31, 2018? 505,000 26. On November 1, 2018, Asia’s Pacific Corporation established an agency in Cebu City sending its merchandise samples costing ₱31,500 and a working fund of ₱18,000 to be maintained on the imprest

basis. During the month, the agency transmitted to the home office sales orders which were billed at ₱128,760 of which 50% was collected. On November 1, a home office disbursement chargeable to the agency is procurement of office furniture costing ₱60,000 which is to be depreciated on a double-

declining balance method. The office furniture is estimated to have an economic life of 5 years. The agency paid expenses of ₱7,630 and received replenishment from the home office. On November 20, 2018 the agencies sampled were valued at₱20,150. The gross profit goods shipped averages 66-2/3% of

cost. How much is the net income (loss) of the agency for the month of November, 2018? 30,524 27. Tosca Corporation operates a branch in Cebu. At the end of 2018, the following are the unadjusted balances per books:

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a.

The branch has not received the ₱25,000 cash sent by the home office. This was erroneously

charged to the general expense by the home office. b. The home office was billed the branch the amount of ₱37,500 for merchandise which was in transit on December 31. c.

A home office account receivable of ₱10,500 was collected by the branch said collection was not

reported to the home office by t he branch. d. Supplies of ₱4,500 were returned by the branch to the home office but the home office has not reflected in its records the receipt of the supplies. e. The branch made a profit of ₱10,000 for the month of December but home office erroneously recorded it as ₱11,180

After reconciling the books based on the foregoing information, what is the adjusted balance of the reciprocal accounts? 179,820 28. ET Company ships and bills merchandise to its branch at cost. The branch carries its own accounts receivable and makes its own collections. The branch also pays its expenses. The transaction for 2018 are reflected in the branch trial balance that follows:

Cash Home Office Current Shipment from ET Company Accounts Receivable Expenses Sales Total

DR. 11,900

CR. 90,000

120,000 62,000 8,100 112,500 202,500

202,500

December 31 Inventory totals of ₱30,000.

What is the December 31 balance of the home office current account in the books of the branch? 104,400 29. Cebu Branch of the Color Company submitted the following data for 2018, its first year of operations: Sales Shipments from color company Operating Expense Home office Current

₱ 

203,500 186, 120 18,755 48,125

Shipments to the branch are billed at c ost. The December 31 inventory of the branch was ₱25,245.

What is the correct balance on December 31, 2018 of the investment in branch account in the books of the home office? 71,995

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d. Home office collected a Mandaue branch accounts receivable of ₱3,600 and failed to notify the branch. e. Home Office was for ₱1,200 for merchandise returned by the Mandaue branch of June 28. The merchandise is in transit. Home office erroneously recorded the Mandaue branch net income for June at ₱16,275. The branch reported a net income of ₱12,675.

What is the reconciled amount of re ciprocal accounts? 23,750 31. Bright Corporation established a branch in Davao City on January 1, 2018. The branch sells on credit, makes collections, pays expenses, and makes some purchases. Shipments to branch are billed at cost. Summaries of the branch transactions during the year are as follows: Purchases Shipments from Bright Corporation Operating expenses paid Sales on Account Collect from customer (net of 3% discount) Furniture acquired by the branch for cash Cash remitted to Bright Corporation

₱  10,000 48,000 7,200 59,750 37,830 8,000 12,000

Additional Information: a.

The furniture was acquired on January 1, 2018. It has an estimated economic life of 5 years with a scrap value of ₱500. Depreciation is computed using the sum-of-theyears’ digital method.

b. At the close of the year, the branch inventory was ₱20,000. How much is the branch net income or loss for the year? 10,880 32. Using the same data on no. 31, what is the balance of the home office current account at December 31, 2018? 46,880 For nos. 33-36 The following are selected balances and transactions of the Cebu Branch for 2018:

Cash Accounts Receivable Merchandise Inventory

January 1, 2018 Balance: ₱ 16,000 20,000 35,000

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35. Home Office Current account balance at December 31 45,900 36. Branch Total assets at December 31 96,400 37. A reconciliation of the branch branch current account in the head office of Marnelli Marnelli Company and home home office current account carried in the branch books showed the following discrepancies at December 31 , 2018: a.

Collection of the branch accounts receivable by the home office, ₱800. The branch was not notified.

b. Shipments in transit to the ranch on December 31, ₱3,200. c.

Acquisition of furniture by the branch, ₱1,200 (for home office). The furniture account is maintained

on the home office books. Home office has not been notifies o f the acquisition. d. Return excess merchandise by the branch, but not received yet by the home office, ₱1,500. e. Cash remittance by the branch on December 31, ₱500. This was still in transit. The Home Office current account in the branch books before adjustment has credit balance of ₱44,000 at December 31, 2018. What is the unadjusted balance of the branch current account in the home office books at December 31? 49,600 38. Using the same data of no. 12, what is the adjusted balance of the reciprocal accounts at December 31? 46,400 39. As of December 31, 2018, the branch reported total assets of ₱140,000 and total liabilities of ₱30,000. On the same date, the asset of the home office consisted, among others, of the following: Cash, ₱50,000; Accounts receivable-net, ₱20,000; merchandise inventory, ₱40,000; prepaid expenses, ₱10,000; and plant assets, ₱80,000. If the home office has unpaid liabilities of ₱90,000, how much can you assume as the am ount of total shareholders’ equity it should report in its December 3 1 balance sheet? 220,000

40. Below are two inter-office T-acco unts of Glen Company:

BRANCH CURRENT

Beg.

12/03 shipment 12/31 shipment 12/31 profit

35,100: 25,000: 12,500: 2,400:

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41. The posting to the inter-office accounts of San Miguel Trading for June, 2018 are as follows: BRANCH CURRENT 2018 Jan. 1 balance Mar. 1 Shipments Jun. 1 Expenses paid Nov. 30 shipments Dec. 29 shipments

75,500 15,000 3,200 25,000 18,700

2018 : May 15 Expenses paid by branch : Oct. 1 Remittance : Dec. 15 Branch rec’ble collected 

1,200 20,000 12,500

HOME OFFICE

2018 May 10 Home Office Expense Sep. 25 Remittance Dec. 27 Remittance

1,200 20,000 18,200

2018 :Jan. 1 Balance :March 10 Shipments :Dec 5 Shipments

75, 500 16,500 25,000

What is the adjustment balance of the reciprocal accounts? 86,100 42. James Company opened an agency in Makati in 2018. The following is the summary of the transactions of the agency: Sales orders sent to the home office Sales orders filled by the home office in 2018 Freight on shipment to agency Collections, net of 2% discount Selling expenses paid from agency working fund Administrative expenses charged to the agency Samples shipped to agency: Cost Inventory

₱ 55,000 46,500 1,100 39,690 2,820 5% of sales

3,000 1,100

The company maintains its gross margin on agency sales at 30%, excluding the freight cost on shipments to agency. How much is the agency cost of sales including freight? 33,650 43. Use the same data on no. 42; determine the agency net income or loss. 4,995

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Expenses

57,930

How much is the branch net income for 2018? 3,390 2018?  3,390 45. Using the same data no. 19 and assuming that all cash collected by the branch is remitted to tower cosmetics home office, how much is the remittance for the period? 187,860 46. Cebu Sales decided to create a branch in Naga City at the start of 2018. The branch operation had the following transaction during 2018. a. Merchandise costing ₱350,000 and cash of ₱200,000 were transferred from the home office. b. b. The branch purchased on account additional merchandise inventory of ₱400,000 c.

c. Sales of ₱650,000 were made by branch during the period. The costs of these sales are ₱425,000. Cash of ₱600,000 was collected from sales during the year.

d. d. Advertising cost of ₱40,000, sales commission of ₱65,000, and other operating cost of ₱45,000 were incurred and paid by the branch.

e. e. The branch paid ₱370,000 on account to other distributors and remitted ₱120,000 to home office. How much would be the total asset o f the branch? 535,000 47. What is the ending balance of home office account? (Use data of no.46) 505,000 48. On December 31, 2018, the investment in branch account on the home office’s books has a balance of ₱85,000. In analyzing the inter-company transaction recorded in each of these accounts for December,

you discover the following discrepancies: a. A ₱10,000 branch remittance to the home office initiated in December 27, 2018 was recorded on the

home office books on January 4, 2019. b. A home office merchandise shipment to the branch on December 29, 2018 was recorded by the branch on January 5, 2019. The cost of this merchandise is ₱20,000. c. The home office incurred ₱12,000 of advertising expense and allocated ₱5,000 of this amount to the

branch on December 15, 2018. The branch has not recorded this transaction. d. A branch custome r erroneously remitted ₱3,000 to home office. The home office recorded his cash collected on December 23, 2018. Meanwhile, back at the branch, no entry has been made yet. e. Merchandise costing ₱42,000 was sent to the branch by the home office December 10,  2018. The billing was at cost, but the branch re corded the transaction at ₱34,000.

What is the unadjusted balance of the home office account? 75,000

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On January 1, 2019, what is the balance of investment in branch account in the books of the home office? 52,000