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Title: Advanced Accounting: Home Office and Branch
Description: Summary of Home Office and Branch accounting.
Description: Summary of Home Office and Branch accounting.
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Investment in Branch (Asset)
1
...
Expenses allocated to branch
Investment in Branch
Advertising Expense
xx
xx
3
...
Net Income of Branch
Investment in Branch
Income Summary
xx
xx
Home Office Account (Equity)
1
...
Expenses allocated
Advertising Expense
Home Office
xx
xx
3
...
Net Income of Branch
Income Summary
Home Office
xx
xx
If PPE is transferred to the Branch and PPE is maintained in the books of Home Office:
1
...
Home Office purchased $3,000 of Equipment for the Branch
...
Branch Purchased $5,000 Equipment for its use
...
Branch Books
A
...
NO ENTRY
B
...
Home Office
Cash
5,000
5,000
If PPE is transferred to the Branch and PPE is maintained in the books of Branch:
1
...
Home Office purchased $3,000 of Equipment for the Branch
...
Branch Purchased $5,000 Equipment for its use
...
Branch Books
A
...
Equipment
Home Office
3,000
3,000
B
...
Equipment
Cash
5,000
5,000
If Home Office Accounts Receivable is collected by the Branch:
1
...
Branch Books
Cash
xx
Home Office
xx
If Branch Accounts Receivable is collected by the Home Office:
1
...
Branch Books
Home Office
Accounts Receivable
Inventory Beg
Net Purchases
Total Goods Available for Own Use
Inventory End
Cost of Goods Sold
xx
xx
xx
xx
xx
(xx)
xx
Inventory Beg
Net Purchases
Shipments from Home Office
Total Goods Available for Sale
Inventory End
Cost of Goods Sold
xx
xx
xx
xx
(xx)
xx
Net Purchases
Shipments to Branch
Net Cost of Purchases
xx
(xx)
xx
Shipments of Merchandise to Branch Journal Entries:
1
...
Branch Book
Shipments from Home Office (@ Billed Price)
Home Office (@ Billed Price)
CGS Home Office
CGS Branch
Realized Profit from Shipments Sold
Unrealized Profit – Ending Inventory
Combined CGS
xx
xx
(xx)
xx
xx
Gross Profit Rate (@ Cost) = Gross Profit / Cost
xx
xx
Title: Advanced Accounting: Home Office and Branch
Description: Summary of Home Office and Branch accounting.
Description: Summary of Home Office and Branch accounting.