Accounting 7

Agency, Home Office an Branch Accounting

1. On May 1, 2018, the home office in Manila establishes a branch in Quezon City to act as a sales agency. The following assets are sent
to the sales agency on May 1:
Cash ( for the working fund to be operated under the imprest system) P 10,000
Samples from the merchandise stock 50,000

During May, the sales agency submits sales on account of P 176,000 duly approved by the home office. Cost of merchandise shipped to
fill the orders from customers obtained by the sales agency is P 105,000.

Home Office disbursements chargeable to the sales agency are as follows:

Furniture and fixtures P 24,000
Manager’s and salesmen’s salaries 1 7,500
Rent 8,000

On May 31, the sales agency working fund is replenished; paid expense vouchers submitted by the sales agency amounting to
P 9,250. Sales agency samples are useful until Dec. 31 which, at this time, are believed to have a salvage value of 40% of cost.
Furnitures are depreciated at 20% per annum.

REQUIRED: Journal entries assuming:

a) Agency profit is determined separately
b) Agency profit is not determined separately

2. Batangas branch was established by NST Corp. on March 1, 2018. Merchandise was billed to the branches by the home office at

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30% above cost. Branch transactions during March were as follows:

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March 1 Received from home office P 850,000 cash and merchandise billed at P2,860,000.

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1 Paid P 80,000 representing first and last month’s rent on lease.
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1 Purchased furniture and fixtures for P 650,000, paying P 200,000 cash, the

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balance to be paid in 90 days. The home office is informed of this purchase,
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all branch fixed assets being carried on the home office books.
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Mar.1 - Purchased merchandise from outsiders on account, P 950,000

31 Paid on account, P 350,000
Sold merchandise on account, P 1,602,500.
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Received in payment of accounts: cash, P 800,000; notes, P 150,000.

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Paid expenses:
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Advertising P 32,000
Sales salaries and commissions 75,000
Miscellaneous selling expenses 35,000
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Miscellaneous general expenses 30,000

Total P172,000
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Remitted to home office cash of P 250,000 and returned merchandise billed at

P 104,000 that was unsuited for branch.
Received summary of charges to branch made by home office for March:
Depreciation of furniture and fixtures P 6,500
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Insurance on branch assets (the home office originally debited

Prepaid Insurance for payment of insurance premiums) 5,000
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of insurance premiums)
Taxes on branch assets (accrued by home office) 4,000
Advertising 45,000
Total P 60,500
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On March 31 the branch had stock on hand as follows:

Merchandise received from home office (at billed amounts) P 1,885,000
Merchandise purchased from outsiders (at cost) 480,000
Total Inventory P 2,365,000

Sales salaries of P 4,000 had accrued on this date.

REQUIRED:

1. Give the journal entries for the branch to record the transactions listed and to adjust and close the books at the end of the month.

2. Give the journal entries that are required on the books of the home office as a result of the foregoing.

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Prob. 3: Given:

Home Office Control (Branch books)

2018
Jan. 1 Balance P 60,000
3 Cash remitted to home office 80,000
5 Shipments from home office 120,000
28 Expenses from home office 45,200
28 Cash remitted to home office 30,000
28 Merchandise returned to home office 12,000

Branch Control (Home office books)

2018
Jan. 1 Balance P 60,000
3 Cash received from branch 80,000
4 Shipments to branch 120,000
28 Expense allocation 52,400
28 Shipments to branch 24,000
28 Collection from branch customer 18,000
28 Supplies purchased for branch and shipped directly to branch 8,000

Except for the error by the branch in recording its share of allocated expenses, all differences are timing differences.

The adjusted balance of reciprocal accounts is:

a) P 103,200 b) P 166,400 c) P 117,200 d) P 124,400

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4. FTR Marketing Corp., Manila, operates branches in Lipa City and in San Pablo City. The following are some of the transactions in

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January 2018: eH w
1. Home Office sends a check for P 20,000 to Lipa Branch.

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2. Shipments to the branches are as follows:
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Lipa City P 50,000
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San Pablo City 80,000

The above shipments are billed at 125% of cost.

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3. Home office buys furniture for the branches as follows:

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Lipa Branch P 15,000

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San Pablo Branch 20,000

Branch property and equipment are carried on home office books.

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4. Lipa Branch pays for home office expenses of P 8,000.

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5. San Pablo Branch collects Lipa Branch receivables of P 30,000 less 2% discount.
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6. Lipa Branch transfers P 10,000 cash to to San Pablo Branch per instruction of the home office.
7. Lipa branch returns merchandise to home office , P 5,000, billed price.
8. San Pablo branch pays for Lipa Branch expenses, P 1,800.
9. Home office ships merchandise P 40,000, billed price, to Lipa branch and pays for freight charges of P 500,
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10. Home office finds out that the shipment in (9) was intended for San Pablo Branch and accordingly instructs Lipa Branch to reship
the goods to San Pablo Branch. Lipa Branch pays for freight cost of P 200. If the shipment were direct from Manila to San Pablo,
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the freight cost would have amounted only to P 550.

REQUIRED: Make the entries on the books affected by the above transactions
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5. ABC Merchandising Corp. of Metro Manila operates branches in Dagupan and Baguio. The following are some of the intra-company
transactions for 2018:
a) Baguio branch effected a fund transfer of P 50,000 to Dagupan branch per instruction from the home office.
b) Baguio branch collected Bacolod branch receivables of P 10,000 less 2% discount.
c) Dagupan branch shipped merchandise costing P 17,000 to Baguio branch.
d) Dagupan branch pays Baguio branch expenses of P 8,000.
e) Baguio branch pays Dagupan colod branch liabilities of P 5,500.
f) Baguio branch ships furniture costing P 15,000 to Dagupan branch . Accumulated depreciation on the asset is P 2,500.
g) The home office shipped merchandise costing P 50,000 to Dagupan branch. Dagupan branch paid for freight cost of P 2,000.
h) Dagupan branch reshipped the merchandise received in (g) to Baguio branch . Baguio branch paid for freight cost of P1,000. If the
shipment had been direct from Manila to Baguio, the freight charges would have amounted to P 2,500 only.

REQUIRED: Entries to record the above transactions on the books of the home office and the branches.

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Problem 6:
MMR Corporation operates Branch 1 and Brach 2. Interbranch transactions are recorded by each branch by debiting or crediting the account
of the other branch, without any corresponding entry on home office books. The following are the inter-office transactions for 2015:
1. Home office ships merchandise costing P 25,000 and P 33,000 to Branch 1 and Branch 2, respectively.
2. Branch 1 collects P 18,000 of the receivable of Branch 2.
3. Branch 2 pays P 2,000 for expenses properly chargeable to home office.
4. Home office effects fund transfer of P 10,000 and P 12,000 to Branch 1 and Branch 2, respectively.
5. Branch 1 pays Branch 2’s expenses of P 12,500.
6. Branch 2 pays expenses properly chargeable to Branch A amounting to P 3.700.
7. Branch 1 returns defective merchandise to home office. These were previously billed to the former for P 1,500.

REQUIRED:
1. Reconstruct the entries made.
2. Make the correcting entries (if any) for the books of home office, Branch 1 and Branch 2.

Problem 7:
WOW Corporation operates Branch 1 and Brach 2. Interbranch transactions are recorded by each branch by debiting or crediting the account
of the other branch, without any corresponding entry on home office books. The following are the inter-office transactions for 2015:
1. Home office ships merchandise costing P 25,000 and P 33,000 to Branch 1 and Branch 2, respectively.
2. Branch 1 collects P 18,000 of the receivable of Branch 2.
3. Branch 2 pays P 2,000 for expenses properly chargeable to home office.
4. Home office effects fund transfer of P 10,000 and P 12,000 to Branch 1 and Branch 2, respectively.
5. Branch 1 pays Branch 2’s expenses of P 12,500.
6. Branch 2 pays expenses properly chargeable to Branch A amounting to P 3.700.
7. Branch 1 returns defective merchandise to home office. These were previously billed to the former for P 1,500.

REQUIRED: 1. Reconstruct the entries made.

2. Make the correcting entries (if any) for the books of home office, Branch 1 and Branch 2.

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Prob. 8 eH w
Home office bills merchandise shipments to its branch at 40% above cost. As of January 1, 2017 the branch had inventory (acquired

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from home office) of P 42,000. During the year, shipments to the branch (at cost) amount to P 200,000. As of December 31, 2017, the branch
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inventory (all coming from home office is P 56,000. Net income per branch books is P 36,000.
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INSTRUCTIONS:
1. Reconstruct the entries made to record the year’s shipments to the branch and the transfer of branch met income to home office
books.
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2. Determine the correct ending balance of the allowance account, the amount of mark up included in cost of sales of the branch and the
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branch net income insofar as the home office is concerned.

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3. Make the home office entry to adjust the branch net income.
4. Reconstruct the T-account for Allowance for Overvaluation of Branch Inventory and the postings thereto for the year.
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Prob. 9:
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The following information came from the books and records of Philacorp. and its branch. The balances as of Decmeber 31, 2017, the third
year of the corporation’s existence are:
Home Office Branch
Dr. (Cr. ) Dr. (Cr.)
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Sales P (1,500,000)
Expenses 500,000
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Shipments from home office 840,000

Unrealized profit in branch P ( 160,000)

The branch purchases all of its merchandise from the home office. The inventories of the branch at billed prices are as follows:
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January 1, 2017 P 120,000

December 31, 2017 168,000

There are no shipments in transit between the home office and the branch.

Q1. The percentage of profit on cost that the home office uses to ship merchandise to the branch is:
a) 19% b) 23.5% c) 20% d) 16 - 2/3 %

Q2: The true profit of the branch is:

a) P 340,000 b) P 208,000 c) P 334,400 d) P 336,000

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Prob. 10:

Profit and loss data for BLAST Co. of Manila and its Alabang branch for 2017 follow:

Manila Office Alabang Office

Sales P 1,060,000 P 315,000

Inventory, January 1 (at cost) 115,000
( at billed price) 44,500
Purchases 820,000
Shipments to Alabang Office (at cost) 210,000
Shipments from Manila office (at billed price) 252,000
Inventory, December 31 (at cost) 142,500
(at billed price) 58,500
Operating expenses 382,000 101,500

Records show that the Alabang branch was billed for merchandise shipments as follows:

In 2016, cost + 25%; In 2017, cost + 20%.

Q1: The correct branch profit (loss) for 2017 is:

a) P (24,500) b) P 41,150 c) P 16,650 d) P 63,650

Q2: The correct net income of Blast Co. for 2017 is:
a) P 112,150 b) P 95,500 c) P 71,000 d) P 161,150

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Q3: The Unrealized Profit on Branch Inventory balance on home office books is:

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a) P 9,750 b)P 42,000 c) P 50,900 d) P 41,150

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Prob. 11: eH w
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Comparison between the interoffice account of the DW Wholesalers with its suburban branch and the corresponding
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account carried on the latter’s book shows the following discrepancies at the close of business on September 30, 2017:
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a. A charge of P 8,700 (Office furniture) on the home office is taken up by the branch as P 7,800.

b. A credit by the home office for P 3,000 (Merchandise Allowance) is taken up by the branch a P 3,500.
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c. The home office charges the branch P 3,250 for interest on open account , which the branch fails to take up in full; instead, the
branch sends to the home office as incorrect adjusting memo, reducing the charge by P 750, and sets up a liability for the net
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amount.

d. a charge of labor by the home office, P 4,330, is taken up twice by the branch.
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e. A charge of P 7,850 is made by the home office for freight on merchandise, but the amount is entered by the branch as P 785.
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f. The branch incorrectly sends the home office a debit note for P 2,930, representing its proportion of a bill for truck repair , the
home office does not record it.
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g. The home office receives P 4,750 from the sale of s truck, which it erroneously credits to the branch, the branch does not charge
the home therewith.
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h. The branch accidentally receives a copy of the home office entry dated October 10, 2017 correcting item (g), and enters a credit in
favor of the home office as of September 30, 2017.

The balance of the account with the branch on the home office books shows P 1,316,900 receivable from the branch at September 30,
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2017.. The interoffice accounts were in balance at the beginning of the year.

Q1: The balance of the home office account per branch books before adjustment is:

a) P 1,316,085 b) P 1,316,900 c) P 1,300,520 d) P 1,321,650

Q2 In relation to the above data, the correct amount of interoffice accounts is:

a) P 1,321,650 b) P 1,316,900 c) P 1,316,085 d) P 1,330,730

End

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Accounting 7
Agency/Home Office

Problem 1:
a) Agency profit is determined separately b) agency profit is not determined separately

2018 2018
May 1-Working Fund – QC agency P 10,000 May 1-Working Fund – QC agency P 10,000
Samples Inventory – QC agency 50,000 Samples Inventory – QC agency 50,000
Cash P 10,000 Cash P10,000
Shipments of Merchandise- Shipments of Merchandise-
QC agency 50,000 QC agency 50,000
Working fund established Working fund established
& samples shipped to agency. & samples shipped to agency.

- Accounts Receivable – QC agency 176,000 - Accounts Receivable – QC agency 176,000

Sales – QC agency 176,000 Sales 176,000
Sales- QC agency. Sales- QC agency.

- Cost of Sales – QC agency 105,000 No entry

Shipment of Merchandise -
QC agency 105,000
Cost of good sold – QC agency

- Furniture & Fixtures – QC agency 24,000 - Furniture & Fixtures – QC agency 24,000

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Expenses – QC agency 15,500 Expenses 15,500
Furniture & Fixtures 24,000 Furniture & Fixtures 24,000

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Cash
Disbursements chargeable
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Disbursements chargeable
15,500

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to agency. to agency.
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- Expenses – QC agency 9,250 - Expenses 9,250

Cash 9,250 Cash 9,250
Replenishment of agency’s Replenishment of agency’s
working fund. working fund.
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- Samples Expense – QC agency 3,750 - Samples Expense 3,750

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Expenses – QC agency 400 Expenses 400

Samples Inventory – QC agency 3,750 Samples Inventory – QC agency 3,750
Accum. Depreciation – Furniture Accum. Depreciation – Furniture
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& .fixtures – QC agency 400 & .fixtures – QC agency 400

Samples expense and depre- Samples expense and depre-
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ciation of furniture & fixtures. ciation of furniture & fixtures.

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31 – Sales 176,000
Cost of Sales – QC agency 105,000
Expenses – QC agency 25,150
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Samples Expense – QC agency 3,750

Income Summary – QC agency 42,100
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To close nominal accounts

to agency income summary
account.
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31 – Income Summary – QC agency 42,100

Income Summary 42,100
To close agency income
summary account to income
summary.

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Problem 2:
HOME OFFICE BOOKS (NST Corp.) BATANGAS BRANCH BOOKS
2018 2018
Mar. 1 Investment in Batangas Branch P 3,710,000 Mar. 1 Cash P 850,000
Cash P 850,000 Shipments from HO 2,860,000
Shipments to Batangas Branch 2,200,000 Home Office 3,710,000
Allo. For overvaluation of Shipments from HO
Branch inventory 660,000
Shipments to branch. 1 – Rent Expense 40,000
Prepaid Rent 40,000
1 - Furniture and Fixtures-Batangas 650,000 Cash 80,000
Investment in Batangas 650,000 1st & last month rent
purchased by Batangas
. 1 – Home Office 650,000
Cash 200,000
Accounts Payable 450,000
F and F purchased

Purchases 950,000
Accounts Payable 950,000
purchases

Accounts Payable 350,000

Cash 350,000
payment

Accounts receivable 1,602,500

Sales 1,602,500

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Sales

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Cash 800,000

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Accounts receivable
150,000
950,000

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Collection
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Advertising Expense 32,000
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Sales salaries & commissions 75,000

Misc. selling expense 35,000
Misc. general expense 30,000
Cash 172,000
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payment
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31 Cash 250,000 31 Home office 354,000

Shipment to Batangas 80,000 Cash 250,000
Allo. for over. of BI 24,000 Shipment from HO 104,000
Investment in Batangas 354,000 Remittance & return to HO
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Remittance & return

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Inv. In Batangas 60,500 31 -Depreciation Exp. – F & f 6,500

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Depreciation Exp. – F & f 6,500 Insurance Expense 5,000

Insurance Expense 5,000 Taxes Expense 4,000
Taxes Expense 4,000 Advertising Expense 45,000
Advertising Expense 45,000 Home Office 60,500
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Charges to Batangas Charges from HO

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- Sales salaries & commissions 4,000

Salaries Payable 4,000
Accrued salaries

31- Branch income or loss 15,000 Sales 1,602,500

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Investment in Batangas 15,000 Merchandise Inventory, end 2,365,000

Net loss reported by branch Income Summary 15,000
Shipments from HO 2,756,000
- Allowance for over of BI 201,000 Purchases 950,000
Branch income or loss 201,000 Rent Expense 40,000
Realized profit on 30%mark up Advertising expense 77,000
Sales salaries & comm. 79,000
- Branch income 186,000 Insurance expense 5,000
Income Summary 186,000 Taxes expense 4,000
Close branch income Depreciation expense – F & F 6,500
Misc. Selling expense 35,000
Misc. general expenses 30,000
Close nominal accounts

31 - Home office 15,000

Income summary 15,000
Close income summary
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Problem 3: D – P 124,400

Branch Control Home Office Control

(Home Office Books) (Branch Books)
Unadjusted Balance 166,400 103,200
Error in recording expense allocation( 52,400 – 45,200) 7,200
Cash remittance by branch not yet recorded (30,000)
Merchandise returned by branch not yet recorded by HO (12,000)
Shipment in transit 24,000
Collection from branch customer by HO (18,000)
Supplies purchased by HO shipped directly to branch _______ 8,000
Adjusted balance 124,400 124,400

Problem 4:

Home Office Lipa Branch San Pablo Branch

1. Lipa Branch 20,000 Cash 20,000
Cash 20,000 Home Office 20,000
Cash transfer Cash received

2.Lipa Branch 50,000 Shipment from HO 50,000 Shipment from HO 80,000

San Pablo Branch 80,000 Home Office 50,000 Home Office 80,000
Shipment to Lipa 40,000 Shipment Shipment
Shipment to SP 64,000
Allo. For O of BI 26,000

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shipment

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3. F & F -Lipa Branch 15,000

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F & F San Pablo 20,000 eH w
Cash 30,000
Purchase of furn.

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4. Expenses 8,000 Home Office 8,000
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Lipa Branch 8,000 Cash 8,000

Paid by Lipa HO expense

5. San Pablo Branch 29,400 Home Office 29,400 Cash 29,400

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Lipa Branch 29,400 Sales discounts 600 Home Office 29,400

AR of Lipa Accounts Receivable 30,000 AR of Lipa
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collected by San Pablo Collected by SP

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6. San Pablo branch 10,000 Home Office 10,000 Cash 10,000

Lipa branch 10,000 Cash 10,000 Home Office 10,000
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Cash transfer Cash transfer Cash transfer

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7. Shipment to Lipa 4,000 Home Office 5,000

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Allo for O of BI 1,000 Shipment from HO 5,000

Lipa Branch 5,000 Mdse returned
Mdse returned
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8. Lipa Branch 1,800 Expenses 1,800 Home Office 1,800

San Pablo branch 1,800 Home Office 1,800 Cash 1,800
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Lipa expenses Paid by San Pablo Lipa’s expenses

9. Lipa Branch 40,500 Shipment from HO 40,000

Shipment to Lipa 32,000 Freight in 500
Allo. for O of BI 8,000 Home Office 40,500
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Cash 500 Shipment from HO

Shipment to Lipa

10. Shipment to Lipa 32,000 Home Office 40,700 Shipment from HO 40,000
Shipment to SP 32,000 Shipment from HO 40,000 Freight in 550
Mdse from Lipa to San Pablo Freight in 500 Home Office 40,550
Cash 200
San Pablo Branch 40,550 Mdse shipped to SP
Interbranch transfer-
Freight expense 150
Lipa Bramch 40,700
Mdse transfer from Lipa to San Pablo

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Problem 6:
Home Office Branch 1 Branch 2
1. Branch 1 25,000 Shipment from HO 25,000 Shipment from HO 33,000
Branch 2 33,000 Home Office 25,000 Home Office 33,000
Shipment to Branch1 25,000 Shipmnet from HO Ship’t. from HO
Shipment to Branch2 33,000
Shipment to B1,B2

2. Cash 18,000 Branch 1 18,000

Branch 2 18,000 Accounts receivable 18,000
Collected AR of B2 AR collected by B1

3. Expenses 2,000 Home Office 2,000

Branch 2 2,000 Cash 2,000
Paid by B2 HO expenses

4. Branch 1 10,000 Cash 10,000 Cash 12,000

Branch 2 12,000 Home Office 10,000 Home Office 12,000
Cash 22,000 Cash received Cash received
Cash transfer from Home office from Home office

5. Branch 2 12,500 Expenses 12,500

Cash 12,500 Branch 1 12,500
Branch 2 expenses Paid by Bracnh 1

6. Expenses 3,700 Branch 1 3,700

Branch 2 3,700 Cash 3,700
Paid by Bracnh 2 B1 expenses

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7. Shipment to B1 1,500 Home Office 1,500

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Branch 1 1,500 Shipment from HO 1,500
Mdse returned
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Correcting Entry:
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Branch 1 9,200 Branch 2 9,200 Home Office 9,200

Branch 2 9,200 Home Office 9,200 Branch 1 9,200
#
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Books of Branch 1 Books of Branch 2

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Branch 2 Branch 1
12,500 18,000 18,000 12,500
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3,700 3,700
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12,500 21,700 21,700 12,500

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Bal. 9200 Bal. 9,200

Problem 8:
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Home Office Branch Books

1) Inv. In Branch 280,000 Shipment from HO 280,000
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Shipment to Branch 200,000 Home Office 280,000

Allo. for O of BI 80,000 Shipmnet from HO
shipment
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2) Inv. In Branch 36,000 Income Summary 36,000

Branch income 36,000 Home Office 36,000
Branch net income Branch net income

3) Allo. for O of BI 76,000

Branch income 76,000
Realized profit

Branch income 112,000

Income Summary 112,000

Allowance for O of BI
76,000 – cost of sales Beg. Invty 12,000 Or:
Shipment 80,000 Mdse Inventory @ billed price 56,000
76,000 92,000 Mdse Inventory @ cost
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 Bal. 76,000 Allo. for O of BI balance, end 16,000

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