X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 ½%. The branch is advices to deposit cash every day in the bank in Head Office.. Petty cash at branch is maintained on impress system. Cash sent to branch for expenses:500, furniture purchased for branch 10000, goods sent to branch at invoice price:100000, Expenses paid by the Head Office 4600, Cash sales by branch 25000. Received debtors.:16000, Discount allowed 300, Bad debts 100, Return by debtors : 800, Petty expenses paid by branch :600, Stock at cost 31/12/2020 18000 (excluding stock received from Debtors). Depreciation on furniture@10% p.a. From the following particulars prepare Branch account in the books of Head Office for the period ending 31/12/2020

X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 ½%. The branch is advices to deposit cash every day in the bank in Head Office.. Petty cash at branch is maintained on impress system. Cash sent to branch for expenses:500, furniture purchased for branch 10000, goods sent to branch at invoice price:100000, Expenses paid by the Head Office 4600, Cash sales by branch 25000. Received debtors.:16000, Discount allowed 300, Bad debts 100, Return by debtors : 800, Petty expenses paid by branch :600, Stock at cost 31/12/2020 18000 (excluding stock received from Debtors). Depreciation on furniture@10% p.a. From the following particulars prepare Branch account in the books of Head Office for the period ending 31/12/2020

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 7E

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Question: X opened a branch at Lahore on 1/7/2020. Goods are sent from the Head Office at cost plus 33 2%. The branch is advices to deposit cash every day in the bank in Head Office. Petty cash at branch is maintained on impress system. Cash sent to branch for expenses:500, furniture purchased for branch 10000, goods sent to branch at invoice price:100000, Expenses paid by the Head Office 4600, Cash sales by branch 25000. Received debtors.:16000, Discount allowed 300, Bad debts 100, Return by debtors : 800, Petty expenses paid by branch :600, Stock at cost 31/12/2020 18000 (excluding stock received from Debtors). Depreciation on furniture@10% p.a. From the following particulars prepare Branch account in the books of Head Office for the period ending 31/12/2020
4. Anderson Bros., Chennai has a branch at Agra. All goods required for sale at Agra are supplied from Chennai at cost-plus 25% and all cash received at the branch is banked daily in the Head Office Account opened in a Bank at Agra. From the following particulars, prepare Branch Account and Branch Debtors Account. Particulars Rs. Particulars Rs. Stock (1.1.20..) 7900 Cash Sales 1400 Debtors (1.1.20...) 11300 Reserve for Doubtful Debts 1500 Return from Debtors Petty Cash (1.1.20...) Goods invoiced to branch 90 400 25000 Branch expenses paid by head office: Returned goods to head office 1000 Rent 1400 Bad Debts Allowance given 100 Salaries 1500 450 Sundries 700 Petty Cash Expenses 240 Total Sales 34900 Stock 31.12.20... 8400 Remittance to Branch for Petty Cash 280 Debtors 31.12.20.. 19510 5. Write short notes on any two of the following: a. Profit & Loss A/c vs. Profit & Loss Appropriation A/c b. Capital Expenditure vs. Revenue Expenditure c. Convention of Full Disclosure d. Gradual…
On December 31, 2020, the cash account of Jungkook Company showed a balance of P396,980. Upon examining the cash records and the bank statement, the following information were determined. There was a bank service charge of P 1,500 for the month of December There was a credit memo for a note collected by the bank for Jungkook. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550 December 31, 2020, receipts for P289,000 were deposited only on January 2, 2021 Checks issued which have not yet cleared the bank as at December 31,2020 amounts to P186,610 There is a debit memo for P45,320 for a customer’s checked returned marked “DAIF” A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200. Jungkook’s correct amount of cash presented in its December…
Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 days P200,000 20,000 5,000,000 4,000,000 (100,000) 250,000 2,000,000 > Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. Customer check for P15,000 dated January 10, 2021, received December 23, 2020. > The petty cash fund consisted of the following items: Current and coins IOUS from officers Unreplenished petty cash vouchers P5,000 2,000 12,000 > Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the following: Check written and dated December 23, 2020 and delivered to payee on January 31, 2020,…
On 1 September 2018, Desa Utara established a petty cash fund of RM900. At the end of the month the petty cash fund appeared as follows: Cash RM70.00 Petty cash vouchers Freight-in RM525.00 190.00 Postage Office Supplies 85.00 REQUIRED: (a) Compute the amount of fund to be replenished.
Callous Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Philippine Bank current account City Bank current account No. 1 City Bank current account No. 2 (overdraft) Asia Bank saving account Asia Bank time deposit, 90 days 200,000 20,000 5,000,000 4,000,000 ( 100,000) 250,000 2,000,000 Cash on hand included the following items: Customer check for P35,000 returned by bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2021. Customer check for P15,000 dated January 10, 2021, received December 23, 2020. The petty cash fund consisted of the following items: Currency and coins IOUS from officers Unreplenished petty cash vouchers 5,000 2,000 12,000 Included among the checks drawn by Callous Company against the Philippine Bank current account and recorded in December 2020 were the following: Check written and dated December 23, 2020 and delivered to payee on January 31, 2021, P25,000.…
The cash account of Ria on December 31,2021 has an balance of P151,000 and it consists of the following:Bills and coins on hand P52,780Traveler’s check 22,400Credit memo from supplier’s for purchase returns 6,500Postage stamps 120Petty cash including paid cash vouchers of P1,650 2,000Balance in Savings Account with a bank closed by the BSP 36,000Customer’s check dated January 15,2022 8,000Money Order 800IOU of an employee 400CA Balance in BPI 22,000Total…
Bata Ltd. has a head office and many retail branches which are supplied goods from the head office at 20% profit on sales price. Accounts are kept at head office from where all expenses (except petty expenses) are paid. Such petty expenses are paid by the branches which are allowed to maintain petty cash balances of $2,300 on Imprest system. From the following balances as shown by the books, prepare Branch Account. Balances on 1-4-2014 : Petty cash in hand at branch Stock in hand at branch at sales 2,300 Cash purchases by the branch (on permission from head office) 40,500 99,800 price Sundry debtors at branch Sundry creditors at branch Furniture and fixture at branch 50,000 Credit purchases 24,000 Payments made by the head office : 11,200 Rent for one year (paid on 1st July, 2014) 2,800 28,000 Salaries 1,300 Insurance paid for the year 12,000 Rent prepaid (upto 30th June, 2014) Transactions for the year ended 31-3-2015 were as follows : ending 30-6-2015 Payment made by the branch :…
The following transactions occurred during the month of October 2021. Date 1 2 3 4 5 6 7 9 11 12 13 14 16 20 28 30 Transactions Balance brought forward from last month: Cash RM 295; Bank RM 4,240. Cash sales RM310. Took RM 200 out of the cash register and paid it into the bank Farid paid us by cheque RM194. We paid for postage stamps in cash RM80. Bought office equipment by cheque RM310. We paid Roslan by cheque RM94. Received business refund by cheque RM115. Withdrew RM 150 from the bank for business use. Paid wages in cash RM400. Cash sales RM430. Paid motor expenses by cheque RM81. Jamal lent us RM1,500 in cash. Kamarul paid us by cheque RM174. We paid general expenses in cash RM35. Paid insurance by cheque RM320. Required: Prepare a two-columns cash book for the month of October 2021.
MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWINGTRANSACTIONS 4) Bank Credit Memorandum states that , 95.000 TL issued check iscollected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid ( cash ) by the customer for USD Merchandise sale .Rate is 7.15 TL/USD.
On December 31, 2020, the cash account of Minerva Company has a debit balance of P906,000. An analysis if the cash account shows the following details: Undeposited collections 20,000 Cash in bank - PCIBchecking account 150,000 Cash in bank - PNB (overdraft) -12,000 Undeposited NSFcheck received from a customer, dated December 1, 2020 3,000 Undeposited check from a customer, dated January 15, 2021 7,000 Cash in bank - PCIB(fund for payroll) 40,000 Cash in bank - PCIB(savings deposit) 25,000 Cash in bank - PCIB(money market instrument, 90 days) 500,000 Cash in foreign bank (restricted) 25,000 IOUS from officers 8,000 Sinking fund cash 110,000 Listed stock held as temporary investment 30,000 Total 906,000 Cash and cash equivalents on Minerva's December 31, 2020 statement of financial position should be
QI AL- Kauther Company deposits all receipts and makes all payments by check. The following information is available from the cash records. 1- The bank statement for August 2014 shows an ending balance of $ 3490. 2- On August 31 the bank statement shows charges of $35 for the service charge for maintaining the checking account. 3- On August 28 the bank statement shows a return item of $ 100 plus a related bank fee of 10$. The return item is a customer's check that was returned because of insufficient funds. The check was also marked "do not redeposit." 4- The bank statement shows a charge of $80 for check printing on August 20. 5- The bank statement shows that $8 was added to the checking account on August 31 for interest earned by the company during the month of August. 6- The bank statement shows that a note receivable of $1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew $40 from the company's account as a…