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Reconciliation of Reciprocalaccounts: Investment in Branch Account (Home Office Books)

The document summarizes the reconciliation of reciprocal accounts between the home office and branch of Elizabeth Corporation as of January 31, 2018. It shows the unadjusted balances in the investment in branch account on the home office books and the home office account on the branch books, along with adjusting entries to reconcile the balances. The adjusted balance for both accounts as of January 31, 2018 is $124,400.

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166 views1 page

Reconciliation of Reciprocalaccounts: Investment in Branch Account (Home Office Books)

The document summarizes the reconciliation of reciprocal accounts between the home office and branch of Elizabeth Corporation as of January 31, 2018. It shows the unadjusted balances in the investment in branch account on the home office books and the home office account on the branch books, along with adjusting entries to reconcile the balances. The adjusted balance for both accounts as of January 31, 2018 is $124,400.

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Unknown 01
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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1.

Reconciliation of ReciprocalAccounts

Investment in Branch account (Home office Books)

Unadjusted Balance, Dec 31 P?


? ?
? ?
Adjusted balance, Dec 31 P124,400

Home Office account (Branch Books)

Unadjusted Balance, Dec 31 P?


? ?
? ?
? ?
? ?
Adjusted Balance, Dec 31 P124,400

2. Adjusting Entries

Home Office Books Branch Books

? ? ? ?
? ? ? ?
? ? ? ?
? ?
? ?

Exercise No. 7

The investment in branch account on the home office books of Elizabeth Corporation and
the Home Office account on the branch books on January 31, 2018 are as follows:

Investment in Branch
01/01 Balance 50,252 01/15 Remittance 8,480
01/05 Merchandise Shipments:
100 units of Product A
@P30.28 3,028 01/22 Merchandise Returns 328
01/12 Merchandise Shipments:
200 units of Product A
@P30.28
200 units of Product B
@P25.96 11,248
01/15 Advertisement chargeable to branch 480
01/29 Merchandise Shipments 3,520

Home Office
01/13 Remittance 8,480 01/01 Balance 50,252
01/18 Merchandise Returns 328 01/08 Merchandise Shipments 3,028
01/22 Understatement of depreciation in
1977 432 01/16 Merchandise Shipments 11,428
01/31 Remittance 12,800 01/20 Collection of home office account 600

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