Determine the balance in the branch books of the home office account before adjustments as of December 31, 2021.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Determine the balance in the branch books of the home office account before adjustments as of December 31, 2021. 

of the year and the branch did not recognize the transfer in its
books.
b. The branch collected a home office account receivable of P35,000
but such transaction is not known to the home office.
C.
c. The home office recorded in error the branch net income at
P119,000. It should have been P191,000.
d.
The home office is charged P83,000 by the branch due to returned
merchandise to home office on December 28 which was in transit
as of December 31.
e. Home office credit memo for P5,400 is recorded twice by the
branch.
Determine the balance in the branch books of the home office account before adjustments
as of December 31,2021
Transcribed Image Text:of the year and the branch did not recognize the transfer in its books. b. The branch collected a home office account receivable of P35,000 but such transaction is not known to the home office. C. c. The home office recorded in error the branch net income at P119,000. It should have been P191,000. d. The home office is charged P83,000 by the branch due to returned merchandise to home office on December 28 which was in transit as of December 31. e. Home office credit memo for P5,400 is recorded twice by the branch. Determine the balance in the branch books of the home office account before adjustments as of December 31,2021
PROBLEM 5-10
UVW Corporation and its branch in Manila maintain their respective books of
accounts. At close of books on December 31, 2021, Manila branch account in the
home office books showed a balance of P142,500. The interoffice accounts were in
agreement at the beginning of the year. For purposes of reconciling the interoffice
accounts, the following were ascertained:
a.
Merchandise billed at P50,000 was shipped by the home office to
the branch on December 27. The goods were in transit as of the end
Transcribed Image Text:PROBLEM 5-10 UVW Corporation and its branch in Manila maintain their respective books of accounts. At close of books on December 31, 2021, Manila branch account in the home office books showed a balance of P142,500. The interoffice accounts were in agreement at the beginning of the year. For purposes of reconciling the interoffice accounts, the following were ascertained: a. Merchandise billed at P50,000 was shipped by the home office to the branch on December 27. The goods were in transit as of the end
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