PROBLEM 5-3. RECONCILIATION OF HO AND BRANCH ACCOUNTS The following were found in your examination of the interplant accounts between the Home Office and the Legaspi Branch: a. Transfer of fixed assets from Home office amounting to P53,960 was not booked by the branch. b. P10,000 covering marketing expense of another branch was charged by Home Office to Legaspi c. Legaspi recorded a debit note on inventory transfers from Home Office of P75,000 twice. d. Home office recorded cash transfer of P65,700 from Legaspi branch as coming from Naga branch. f. Legaspi recorded a debit memo from Home Office of P4,650 as P4,560. The balance in the Home Office books of its Investment in Legaspi Branch account was a debit balance of P165,920 before adjustments. Required: Prepare a reconciliation statement for the home office and branch

PROBLEM 5-3. RECONCILIATION OF HO AND BRANCH ACCOUNTS The following were found in your examination of the interplant accounts between the Home Office and the Legaspi Branch: a. Transfer of fixed assets from Home office amounting to P53,960 was not booked by the branch. b. P10,000 covering marketing expense of another branch was charged by Home Office to Legaspi c. Legaspi recorded a debit note on inventory transfers from Home Office of P75,000 twice. d. Home office recorded cash transfer of P65,700 from Legaspi branch as coming from Naga branch. f. Legaspi recorded a debit memo from Home Office of P4,650 as P4,560. The balance in the Home Office books of its Investment in Legaspi Branch account was a debit balance of P165,920 before adjustments. Required: Prepare a reconciliation statement for the home office and branch

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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