The Followings are the transaction between Main office of Jimma trading Corporation and its branch in Welkite: Advanced financial accounting Assignment, UCD, Ireland
| University | University College Dublin (UCD) |
| Subject | Advanced financial accounting |
- The Followings are the transaction between Main office of Jimma trading Corporation and its branch in Welkite. Home office sends a $ 10,000 check to welkite branch for its petty cash fund (to be accounted for under imprest method). Welkite branch pays expense of $ 500 properly chargeable to home office.Home office shapes merchandise costing $ 25,000 to Welkite branch. Welkite branch collects on home office receivables of $ 30,000. Home office pays Welkite branch liabilities of $9000 on the goods purchased. Home office buys furniture costing $15,500 for the branch. Branch property and equipment accounting are kept on the home office books. Depreciation of $ 1,200 is provided on the branch furniture. Welkite branch returns some units of merchandise previously shipped to it by home office in ”C” above. Instruction Make the entries for the above transaction on the books of Home office and Branch.
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