![]() ![]() 31 Remittance in transit Shipment in transit Cash collections of home office Adjusted balances, Dec. 12-11: b Petty cash fund Accounts receivable Inventory Home Office account balance 32, 1008 P 35,000 Net income (loss) Sales P147,000 Cost of cost goods sold Shipment to branch P135,000 Inventory, 12/31 18,500 116,500 Gross profit P 30,500 Expenses 13,500 17,000 Home Office account balance (Investment in Branch account balance) P 52,000 Shipment to Branch account has no beginning balance, because this was closed at the end of 2008. ![]() Sales Cost of goods sold: Purchases Merchandise inventory, end Gross profit Expenses Net income (loss)ī Sales Cost of goods sold (P70,000 / 140%) Gross profit Less: Samples (P8,000 – P6,000) Expenses Net incomeĪ Sales Cost of goods sold Gross profit Expenses (P9,000 + P4,500) Net incomeĪ Shipment of merchandise to home office Equipment sent to home office Expenses assigned to branch by the home office Cash remittance to home office Home office account balance This is recorded when the working fund is replenished.Ĭ.
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