You are required to prepare Lahore branch in the books of head office for the year of 20-21.
Q: Exercise 10-05 In performing accounting services for small businesses, you encounter the following…
A: Journal entry in the books of Ivanhoe Company.
Q: Question: X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus…
A: X opened a branch at Lahore on 01.07.2020 Goods sent from Head office at cost + 33.5% Branch…
Q: Question 7 : MNO Company's credit sales policy is to have: • 50% of the sales amount in cash • 30%…
A: The cash basis of accounting says the firm has to record the transaction only when corresponding…
Q: 10. Grebe Inc. had the following as at December 31, 2020: $112,000 $992,000 $2,000 $48,000 $666,000…
A: Total asset value includes shares in Dow Chemical Inc. at cost
Q: Integrity Co. just opened a branch in Baguio City this December 2021. Summary of transactions for…
A: Branch accounting is the type of accounting which is performed for the transactions related to home…
Q: 3. OM Ltd. Delhi invoices goods to its Mumbai and Kolkata branch offices at 20% less than the list…
A: OM Ltd. Old Delhi invoices product to its Bombay and metropolis department places of work at…
Q: Problem 1 (Petty Cash) George Corp sets up a petty cash fund to pay for relatively small amounts of…
A: Hello, since your question has multiple parts we will solve the first question for you. If you want…
Q: Allowance for doubtful accounts 60,000 Sales…
A: The Information regarding Accounts Receivables are given for the year ended 31st December 2020.…
Q: Problem #1: The AWIT Corporation is maintaining a branch in Baguio. During the year, the home office…
A: When an organization performs well in a particular area, it may seek to expand itself. This…
Q: 20X Jan. 1 Bill Evans started Evans Distributors with an investment of $55, 000. He also invested…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: 3. AMNESTY PARDON Co. is currently preparing its combined financial statements. At December 31,…
A: Particulars Amount (P) Balance of 'Home Account' in the books of Branch 280800 Add:…
Q: Exercise 10-05 In performing accounting services for small businesses, you encounter the following…
A: 1.Prepare the entry to record the sales transactions and related taxes for Ivanhoe Company:
Q: .On Dec 31, 20X1 ABC Corp sold goods at P250,000 on account. The shipping costs was P20,000. The…
A: Note: Titles of goods under FOB destination are transferred to the purchaser only when goods are…
Q: C32 The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed…
A: Petty cash is the small amount of cash kept aside to pay for the small unanticipated expenses
Q: 15. A business sells $100 worth of goods to a customer, the customer pays S50 in cash immediately…
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Trading Bank R450 Cash float Sales (4) R20 340 CRJ2: Bank Sales R39 551 R12 771 R 8514 Cost of sales…
A: A ledger is a log or list of accounts that keeps track of account transfers.
Q: 8. The company sold P250,000 goods for P300,000, on account. Terms: 5%, 3/10, 9. In connection with…
A: The journal keeps the record for day to day transactions of the business on regular basis. The…
Q: QUESTION 28 Use these figues to answer questlons 26-29 Wickes Ltd has the following figures at…
A: Trade payables turnover is the time required by the business to pay its trade payable after…
Q: Question 6 Caruana Ltd uses control accounts for its purchases and sales ledgers which it balances…
A: What is meant by the Sales Ledger Control account? The account is prepared to keep a keen eye on the…
Q: Goods from Head Office 55,800 Purchases 114,000 Sales 145,500 90,600 Stated capital 25,500 31,500…
A: The income statement of the business shows all incomes and expenses of the business at the end it…
Q: 8. (13) DK company has its Branch at Gorakhpur. Goods are invoiced to this Branch at 20% profit on…
A: Head office means from where the company mainly operate and all branches are controlled from that…
Q: 2020 2019 Sales $5,032,000 $4,573,000 Cost of goods sold 2,214,080 2,012,120 Accounts receivable…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 4. The National Home Company ships and bills merchandise to its provincial branch at cost. The…
A: Branch Accounting: It is a system under this accounting system, a separate accounting books need to…
Q: 20) Suppose that Mr. T Creates a business that sells Premium Espresso. Suppose at the beginning of…
A: Cost of Goods Sold: Cost of Goods Sold refers to the cost price of the inventories sold. For…
Q: QUESTION NO.12 On July 1, 2016 A had consigned to B goods costing ~ 50,000, on which A paid freight…
A: Consignment means where one person (owner i.e. consignor) send goods to other person (agent i.e.…
Q: 4. Anderson Bros., Chennai has a branch at Agra. All goods required for sale at Agra are supplied…
A: Comment- We’ll answer the first question since the exact one wasn’t specified. Please submit a new…
Q: X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 ½%. The…
A: While preparing branch account, the following points should be taken into consideration: Since the…
Q: Mr. T's Premium Espresso, Schedule of Cost of Goods Sold, For the year ending December 31, 2021 Mr.…
A: Statement of Cost of good sold is the detailed presentation of cost of goods sold in compression to…
Q: Data table December 31, 2023, account balances: Requirements Cash $ 28,000 Accounts Receivable…
A: Budgets are the quantitative summaries prepared to estimate in advance the receipts and payments to…
Q: is a system of collection in which a local bank receives funds and transfers them to a main…
A: The question essentially requires filling in the blanks for the definitions given. We can do the…
Q: PARMATMA Ltd. Delhi invoices goods to its Mumbai and Kolkata branch offices at 20% less than the…
A: Parmatma company city invoices product to its Mumbai and urban center branch offices at 20% below…
Q: December 31, 2021 3,675,000 81,000 December 31, 2022 Accounts receivable Allowance for doubtful…
A: Allowance for doubtful account refers to the contra account which nets against the aggregate…
Q: Particulars Opening stock at 30,000 the branch Goods sent to Branch Sales made in Particulars…
A: Branch accounting was an system of book keeping where an entity maintain its books separately in…
Q: Cash float Sales Bank R20 340 and 2. CRJ2: Bank Sales R39 551 R12 771 R 8514 R26 780 * Cost of sales…
A: A ledger is a log or list of accounts that keeps track of account transfers.
Q: Ginebra Corporation operates a branch in Cebu City to which it bills merchandise at an arbitary…
A: Computation of Net Income Particulars Home Office Branch Elimination Total Note No. Sales…
Q: current assets should be presented on the statement of financial position
A: Current assets are assets that can be recovered within one accounting year.
Q: Bank Cash float Sales R20 340 R39 551 R12 771 CRJ2: Bank Sales R 8514 Cost of sales Sundry accounts…
A: A ledger is a log or list of accounts that keeps track of account transfers.
Q: 31) ABC Company had the following account balances on December 31, 2021: Cash in bank - current…
A: Note: Cash restricted will be shown separately from cash on the balance sheet. Its purpose will be…
Q: In the cash count made on 10.05.202, a cash balance of 25.000 TL was determined. As of the same…
A: In the cash count made on 10.05.202, a cash balance of 25.000 TL was determined. As of the same…
Q: Question The following information is from Teas Window’s financial records. The company buys its…
A: The Numerical has covered the concept of Budgeting. In this numerical, we will work the cash…
Q: Fill in the missing amounts in the following schedules.
A: A cash budget shows details of company's cash inflow and outflow during a specified budget period,…
Q: Record the following business transactions in the appropriate journal(s): GJ, SJ, PJ, CRJ and CDJ.…
A: Since the answer has already been posted by the student, we have checked the solution and provided…
Q: 41.Toto Company’s accounts payable balance at December 31, 2020 was P8,000,000 before considering…
A: The amount of goods and services owned by firm or individual from another and they have to paid…
Q: The Dame Company operates a branch in Cebu City. Operating data for the home office and branch for…
A: Allowance for Overvaluation account is used in branch accounting when goods are invoiced at cost +…
Q: Home Office P 256,000 210,000 Branch Sales P 78,500 Purchases from outsiders 20,000 Shipments to…
A: Inventory : Acquired from outsiders 5,500 Acquired from home office 26,000
Q: Answer questions 22-30 using the following information: Foreign Sales. General Administrative…
A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: 33) Muscat company mart has the following sales transactions for the month of April 2018. April 6…
A: The sales day book is maintained to keep the record of all the sales made on credit.
Q: Jorasmi Enterprise Trial Balance as at 31 December 2020 Particulars Debit Credit RM RM Inventory of…
A: Lighting (Factory)=7,500×56=RM 6,250
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Step by step
Solved in 3 steps
- 20 - In the cash count made on 10.05.202, a cash balance of 25.000 TL was determined. As of the same date, the total debit of the cash account is TL 45,000, and the total receivable is TL 15,000. Which of the following calculations is correct in this situation? a) 397 Count and Receipt Surplus Hs. 5.000 TL (Creditor) B) 760 Marketing Sales and Distribution Expenses Hs. 5,000 (Borrower) NS) 770 General Administrative Expenses Hs. 5,000 (Borrower) D) 100 Case Hs. 5,000 TL (Borrower) TO) 197 Lack of Counting and Receipt Hs. 5,000 TL (Borrower)PROBLEM U: The following information came from the books and records of the Home Office and its branch. The balances as of December 31, 2020 are as follows: Branch 170,000 Home office 300,000 Sales Shipments to branch Shipments from home office Purchases Operating expenses Inventory, December 31, 2019 Allowance for overvaluation of branch inventory 48,000 60,000 36,000 42,000 32,000 120,000 80,000 50,000 17,200 There were no shipment in transit between the Home office and the branch. Both shipment accounts are properly recorded. The closing inventory of the branch at billed price is P16,800, P6,000 of which were acquired from outside suppliers. The closing inventory of the home office is P18,000. The home office applies a uniform percentage markup on the shipments of inventory to the branch from year to year. 25. How much is the overvaluation in branch's ending inventory as of December 31, 2020? A. С. 15,040 17,200 В. 2,160 D. 26. How much is the net income (loss) of the branch for…#2: Accounts Payable, beg. 70,000.00; Account Payable, end 75,000.00; Merchandise Inventory, beg - 350,000.00; Merchandise Inventory, end 175,000; Cost of Goods Sold 2,650,500. Forty-five percent (45%) of Merchandise Inventory Purchases for the year are made in cash. The Cash Payment to Supplier for Purchases on Account amounted to _________. (Round your answers to the nearest 2 decimal places)
- Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a Statement of Profit & Loss and Statement of…Lucky House Ltd Trial Balance As at 30 September 2020 Account Debit(£) Credit(£)Cash at Bank 5,850Capital Account 15,000Machine 8,100Raw Materials 2,655Stationery 250Accounts Payable 6,545Rent 950Business Insurance 38Prepayments 1,362Sales Income 17,550Cost of Goods Sold 11,345Accounts Receivable 4,500Drawings 4,000Telephone 45Depreciation 135Accumulated Depreciation 135 Total 39,230 39,230 Prepare a statement of cash flow ?Exercise No. 2 Elizabeth Sales decided to create a branch in Naga City at the start of 2022. The branch operation had the following transactions during 2022: Merchandise costing P350,000 and cash of P200,000 were transferred from the home office. The branch purchased on account additional merchandise inventory of P400,000 from other distributors. 3. Sales of P650,000 were made by the branch during the period. The cost of these sales was P425,000. Cash of P600,000 was collected from sales during the year. 4. Advertising costs of P40,000, sales commissions of P65,000, and other operating expenses of P45,000 were incurred and paid by the branch. 5. The branch paid P370,000 on account to other distributors and remitted P120,000 to the home office. 1. 2. Required: 1. Record each of the transactions on the books of the branch. 2. Prepare an income statement for the branch for 2022. 3. Prepare a Statement of Financial Position as of December 31, 2022, for the branch. 1. Journal Entries: 1? ?…
- Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.10 A trader provided the following information: Payables: opening balance = $4,000; closing balance = $5,000. Payments made = $20,000 Receivables: opening balance = $7,000; closing balance = $9,000. All sales are on credit. Inventory: opening balance = $5,500; closing balance = $2,500. Gross profit margin = 25% How much cash has been collected from the customers? Cash collected from the customers during the year was $32,000. Cash collected from the customers during the year was $28,000. Cash collected from the customers during the year was $26,000. Cash collected from the customers during the year was $30,000.Problem 10-6 (IAA) / Autumn Company provided the following transactions for the current year, the first year of operations. 1. Purchase of merchandise at an invoice price of P4,750,000 excluding freight. Terms are 2/10; n /30. 2. Freight paid, P250,000. The freight is allocated to each purchase. 3. Cash payment on purchases, P3,717,000, of which P1,617,000 was paid within the discount period. 4. It is expected that all discounts on unpaid accounts payable will be lost. 5. On December 31, one fifth of the merchandise remains on hand. Required: a. Prepare journal entries to record the transactions using gross method and net method. b. Compute inventory and cost of sales under each method.
- Included in the accounting records of the home office and the only branch, respectively, of Hamad Company were the following ledger accounts for June 2020: Investment in Ali Branch Date Explanation Debit Credit Balance 2020 May 31 Balance 51,000 dr June 6 Shipment of merchandise 30,500 81,500 dr 20 Receipt of cash 11,500 70,000 dr 26…» QUESTION: 41 OF 51 Select the single best answer: A. $40,000 OB. $90,000 X Co. began operating on March 1 and its sales in March were $100,000, all purchased on account. Returns and allowances for March were $10,000. Cash collected for sales on account during March was $50,000. Which of the following options presents the ending Accounts Receivable balance for March? C. $140,000 D. $130,000 E. $50,000 Type here to search DVO Instructions W Please report any problems with this B « Previous Question Next Question >>> ? 2 32340 | Basic Financial Accounting and Reporting 2021 Edition by Prof. WIN Ballada NAME: SCORE: NAME: SECTION: PROFESSOR: SECTION: Problem #8 Problem #10 Purchase Transa Purchase Transactions Several purchase transactions of the Joey Beringuela Pharmacy are presented below. The credit terms of the entity are 3/10, n/30. Using T-accour Allowances, Pu transactions. Oct. 6 Purchased merchandise for cash, P200,000; FOB shipping point. 12 Purchased merchandise on account, P700,000. 15 Returned merchandise purchased on account, P50,000, 1. Purcha Paid supplier the amount due. Paid freight charges of P7,000 on merchandise acquired last Oct. 6. а. М b. N 17 19 2. Purch Required: a. Prepare the journal entries. b. C.