Problem 9-8 The Chiz Corporation in Manila operates a branch in Tarlac City. The trial balances for de branch and the home office on December 31, 2014 are as follows: Cash Accounts receivable Inventory, January 1, 2014 Equipment (net) Home Office Trial Balance Branch control Accounts payable Unrealized profit in branch inventory Share capital Retained earnings Sales Shipments to branch Purchases Selling expenses Administrative expenses Totals Cash Accounts receivable Inventory, January 1, 2014 Accounts payable Home office control Shipments from home office Sales Selling expenses Administrative expenses Totals Debit P 30,000 P 45,000 P 37,500 P 75,000 P 60,000 Branch Trial Balance P450,000 P 30,000 P 45,000 P772,500 Required: a. Prepare the closing entries for the branch. Debit P 6,000 P 24,000 P 15,000 P120,000 6,000 P P 9,000 P180,000 Credit P 22,500 P 27,000 P 45,000 P117,000 P465,000 P 96,000 P772,500 Credit P 3,000 P 60,000 P117,000 P180,000 All merchandise shipped to the branch by the home office was billed at 125% of cos closing inventories are as follows: home office, P45,000; and branch, P18,000.

Problem 9-8 The Chiz Corporation in Manila operates a branch in Tarlac City. The trial balances for de branch and the home office on December 31, 2014 are as follows: Cash Accounts receivable Inventory, January 1, 2014 Equipment (net) Home Office Trial Balance Branch control Accounts payable Unrealized profit in branch inventory Share capital Retained earnings Sales Shipments to branch Purchases Selling expenses Administrative expenses Totals Cash Accounts receivable Inventory, January 1, 2014 Accounts payable Home office control Shipments from home office Sales Selling expenses Administrative expenses Totals Debit P 30,000 P 45,000 P 37,500 P 75,000 P 60,000 Branch Trial Balance P450,000 P 30,000 P 45,000 P772,500 Required: a. Prepare the closing entries for the branch. Debit P 6,000 P 24,000 P 15,000 P120,000 6,000 P P 9,000 P180,000 Credit P 22,500 P 27,000 P 45,000 P117,000 P465,000 P 96,000 P772,500 Credit P 3,000 P 60,000 P117,000 P180,000 All merchandise shipped to the branch by the home office was billed at 125% of cos closing inventories are as follows: home office, P45,000; and branch, P18,000.

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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