ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11) HOME OFFICE AND BRANCHES
Agencies and branches are established to decentralize operations or to expand into new markets. Agencies are simple extensions of the home oce; branches, generally, are with regulated autonomy to operate as an independent entity. Because agencies do not maintain its own set of accounting records, all its transactions are recorded in the books of the home oce. If the home oce would like to determine iabilities of the agencies, real and nominal accounts for the agency are identi!ed in the home oce books to facilitate such determination. "therwise, the agency items are merged without identi!cation with those of the home oce. #he branch has its own ow n complete set of accounting records, therefore all its transactions, tra nsactions, including those with the home oce, are recorded in its books. It also presents its own set of !nancial statements; the income statement, the balance sheet, and the statement of cash $ows. But because the branch is a part of the home oce, therefore, these set of !nancial statements are not capable for general purposes. And since the home oce is %ust also part of the whole organization, its own set of !nancial statements& the income statement, the balance sheet and the statement of cash $ows are also not acceptable for general purpos purposes es.. #hese #hese two di'er di'erent ent sets sets of !nanci !nancial al statem statement ents s are are inter internal nal to of the repor reportin ting g entiti entities es,, combined !nancial statements must be prepared for the combined entities (taken as one and the same) to meet the re*uirements re*uirements of general+purpose statements. A branch and its home oce represent two accounting systems but %ust one accounting and reporting entity. entity. All entries in the accounting records of the branch are also entered, at least in summary form, in the accounting records of the home oce. #he records of the home oce and the branch are linked by two recipr reciprocal ocal accounts; accounts; the Home Ofce accountt in the books of the branch branch and the Investment in Ofce Equity accoun Branch account in the books of the home oce. Because they are always reciprocal, it means that the two accounts always hae the same balance although the Inestment in Branch is a debit account (as an asset in the books of the home oce) and the ome "ce is a credit account (as an e*uity in the books of the branch). #he two accounts fre*uently show di'erent balances on a temporary basis due to errors and items in transit. A ery important aspect of the study of home oce and branches is the reconciliation of the reciprocal balances. An illustration of %ournal entries recorded for interoce transactions follow& #ransactions #ransactions +#ransfer of -ash form the home oce +#ransf ransfer er of -ash -ash from from the the bran branch ch
+#ransfer ransfer of mdse mdse from from " at cost cost
+#rans ransfe ferr of mdse mdse form form " at aboe cost
+1ayment expenses
by
"
of
branch
+Allo +Allocat cation ion of pre pre.. paid paid branch branch expenses +#ransf ransfer er of 2ixed ixed asse assett home oce to branch
from from
ome "ce Books In. In Branch x -ash x -ash -ash x In. In Branch x In. In. In Branc Branch h x /hip /hipme ment nt to Bran Branch ch x In. In Branch x /hip /hipme ment nt to Bran Branch ch x Allowance for "0 x In. In Branch x -ash x In. In Branch x xpenses x 3emo entry
Branch Books -ash ome ome
"ce "ce
x ome "ce *uity x /hipment form " ome ome "ce "ce x /hipment form " ome ome "ce "ce x xpenses ome ome
x -ash x *ui *uity ty x *ui *uity ty
"ce "ce
x *ui *uity ty
"ce "ce
x *ui *uity ty
x xpenses ome ome
x *ui *uity ty
x 3emo ntry
(4ote& #here will be no entry if all !xed assets are accounted in the books of the home oce); otherwise& In. In Branch x 2ixed Assets x Accumulated 5ep6n x ome ome "ce "ce *ui *uity ty 2ixed 2ixed Assets x x
781age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
Accumulated +#o take+up branch 1ro!t9(loss)
In. In Branch Branch
x Income
x Branch :oss In. +#o ad%ust the reported branch 4I9 (4:) for realized allowance
In
Branch
5ep6n
x Income summary x ome "ce *uity x ome "ce *uity x Income summary x 4o ntry
x Allowance for "0 Branch Income x 4ote& #he ad%usting entry to re$ect the true net income or loss of the branch form the standpoint of the home oce is always faorable and only necessary when billing is aboe cost.
Problem 1
-orporation operates a number of branches in 3etro 3anila. "n
?>7@ its 3akati branch showed a home oce account balance of 17,>@ and the ome oce books showed a branch account balance of 17C,=?. #he following information may help in reconciling both accounts& 7. A 1,CD> shipment charged by home oce to 3akati branch was actually sent to -ubao branch and retained by the latter. ?. A 1E,C>> shipment, intended and charged to 3arikina branch was shipped to and retained by 3akati branch. =. A 17,?D> emergency cash transfer from -ubao branch was not taken up in the home oce books. @. ome oce collects a 3akati branch accounts receiable of 1?,=>@ and fails to notify the branch. . ome oce was charged for 1CD for mdse returned by 3akati branch on 7@ at 17>,@7C. #he branch reported a net income of 1D,77?. Fe*uired& Compute or the reconciled amount o the Home ofce and Makati branch. Problem 2
#he following were found in your examination of the interplant accounts between Bulacan ome oce and :aguna branch. 7. #ransfer of !xed assets from home oce amounting to 1C,@> was not booked by the branch. ?. 17?,>> coering marketing expenses of another branch was charged by the ome oce to :aguna. =. :aguna recorded a debit note on inentory transfers from home oce of 1E=,> twice. @. ome oce recorded cash transfer of 1D?, 7? from :aguna branch as coming from #agum -ity Branch. . :aguna reersed a preious debit memo from -agayan de "ro branch amounting to 17=,7?. ome "ce decided that this charge is appropriately #agum city branch cost. C. :aguna recorded a debit memo from home oce of 1,D7?.> as 1,>>. Fe*uired& Ho much is the net ad!ustment in the Home ofce books related to the "a#una branch account$ Problem 3
#he pre+closing trial balances of 552 -orporation and its #arlac Branch for the year ended 7?+=7+7@, prior to ad%usting and closing entries are as follows& "3 "22I- BFA4- Accounts -A/ A Feceiable net. Inentory beg., from endors Inentory from ome "ce 5eferred pro!t 2ixed Assets, net
5ebit 1=,D@> D7,E?> ?=,?>
-redit
5ebit 17>,?@> 7,?>> 7,?>> ?>,D@>
-redit
?,C>> DE>,DD>
E?,7C>
?81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
Inestment in branch Accounts payable :ong+term 5ebt -ommon stocks Fetained arnings, beg ome "ce e*uity /ales 1urchases /hipment from ome "ce /hipment to branch "perating xpenses #otals
7D,?> ??C,=>@ @>E,C>> =>,?>> =D,@>>
@C,>D>
77,C> =?,CD>
ED=>@> D7E,?>>
7??,DD> E?,7C> DC,>7C
7@,>D> 1?,=EC,7C >
1?,=EC,7C>
7,?>> 1@E7,?>
1@E7,?>
Inentory per physical count on 7?+=7+7@ 2rom endors 17D@,=?> 1?>, @D> 2rom ome "ce =>,?> Additional information& 7. Inentory transferred to the branch from the home oce is billed at 7?G of cost ?. #he home oce billed the branch 17,=C> for inentory is shipped to the branch on 7?+?D+7@; the branch receied and recorded this shipment on 7. =. #he branch remitted 1?,C>> cash to the ome "ce on 7?+=7+7@; the home "ce receied and recorded this remittance on 7. %equirements& 7. 1repare the year end ad%usting entries to bring the intercompany accounts into agreement. ?. -omplete the following analysis of the Branch Inentory
#ransfer Aboe -ost
#ransfer at -ost
3ark+up
Beg., Inentory& Ac*uired from endors Ac*uired from ome "ce Add; 1urchases /hipment from ome "ce #otal goods Aailable for sale :ess &nding Inentory& 2rom endors /2" -"/# "2 H""5 /":5
=. 1repare the following year+end ad%usting entries to& a. Fecord the BFA4- income on the "3 "22I- books. b. Ad%ust the 5eferred pro!t account to the proper balance. @. 1repare the year+end closing entries for the "3 "22I- and the BFA4-. . 1repare the following for ?>7@& a. In come statement and Balance sheet for BFA4- A45 "3 "22I- b. -ombined 2/. Problem 4
"n 7?+=7+7@ the inestment in branch account on the ome "ce books of AAA -ompany shows a balance of 17E?,>>>. #he following facts are ascertained& 7. 3erchandise billed at 1C,@>> is in transit on 7?+=7+7@ from ome oce to the branch. ?. #he branch collected a ome "ce account receiable for 1?,C>. #he branch did not notify the ome oce of the cash collection. =. "n 5ecember =>, the ome oce mailed a check of 17?,D>> to the branch but the bookkeeper charged the check to Heneral expenses; the branch has not receied the check as of 7?+=7+7@. @. Branch pro!t for 5ecember was recorded by the ome oce at 177,=E? instead of 17?,@@ . Branch returned supplies of 17,?D> to the home oce but the home oce has not yet recorded the receipts of supplies.
=81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
%equired& a. compute the balance of the ome oce account on the Branch book as of 7?+=7 before its ad%ustments. b. 1repare a reconciliation statement to compute the ad%usted balances on 7?+=7+7@. Problem 5
J: -orporation bills its branch for merchandise shipment at ?G aboe cost. #he following are some of the account balances appearing on the books of the ome oce and its branch as of 7?+=7+7@.
Inentory,
ome "ce Books 1=C,>>>
Branch
7,>D>,>>> ?DD,>>> E,?>> 7,@@>,>>> =@D,>>>
Branch6s Books 1,C>> ==C,>>> =C>,>>>
DC@,>>> 7=?,>>>
#he ending inentory of the branch of 1DC,@>> includes goods from outside purchases of 17E,?>>; the ending inentory of the ome oce is 17D>,>>>. -alculate& 7. #he amount of shipments in transit at cost at the end of ?>7@. ?. #he oerstatement of branch cost of sales during ?>7@. =. #he combined net income for the year ?>7@. Problem 6
"" -orporation has one branch oce, named B"" branch. "" is performing the end+of+the+period reconciliation of it6s B"" branch account whose current balance is 1K and B""6s ome oce account whose current balance is 1K the following items are unsettled at the end of the accounting period (you may assume that the item has been re$ected in the accounts of the underlined entity)& 7. "" has agreed to remoe 1@D> of excess freight charges charged to B"" when "" shipped twice as much inentory as B"" re*uested. ?. B"" mailed a check for 1,>@> to "" as a payment for merchandise shipped from "" to B"". "" has not yet receied the check. =. B"" returned defectie merchandise to "". #he merchandise was billed to B"" at 1?,C> when its actual cost was 17,E?>. @. Adertising expenses attributable to the B"" oce were paid for by the "" in the amount of 1=,?>>. Fe*uired& 'hat is the unad!usted balance o HOO(s Branch account and BOO(s home ofce account i) the ad!usted balances or the BOO(s branch account and HOO home ofce account is *+,-)---$ Problem 7
555 company is engaged in merchandising both at its ead "ce in 3akati and its Branch in -ebu. /elected accounts in the trial balances of 555 company and its -ebu Branch at 7?+=7+7@ follows& 5ebit ome "ce Branch Inentory 1,=E? Branch =,=7? 1urchases 7?7,C>> /hipment from ome oce C,?>> 2reight in 2rom ome "ce =,?> /undry expenses =?,>>> 7C,>>> -redit ome oce =@,77? /ales EE,?>> DE,C>> /hipment to branch C@,>>> Allowance for oeraluation of branch inentory ,>@>
@81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
Additional Info& a. -ebu branch receies all its merchandise from head "ce. #he ead "ce bills the goods at cost plus 7>G mark+up. At 7?+=7+7@ a shipment with a billing price of 1=,?>> was in transit to the branch 2reight on this shipment was 17C> which is to be treated as part of inentory. b. 5ecember =7, ?>7@ inentories, excluding the shipment in transit was& ead "ce, at cost 17E,?>> -ebu branch, at billed alue (excluding freight of 1===) C,CC Fe*uired&
'hat is the net income o the Head ofce) and the rue income o Cebu branch$/
Problem 8
ome oce transfers inentory to its branch at a ?>G mark+up on cost. 5uring ?>7@, inentory costing the home oce 17,?>> was transferred to the branch. At year end, the home oce ad%usted its unrealized intercompany inentory pro!t account downward by 177,C@D. #he Branch6s year+end balance sheet shows 1=,>? of inentory ac*uired from the ome oce. Fe*uired& Ho much is the be#innin# inventory o the branch at cost$
Problem 9
"n 7?+=7+7@, the branch current account on the home oce6s books has a balance of 1@>,>>>. In analyzing the actiity in each of these accounts for 5ec., you !nd the following di'erences& •
•
•
•
•
Inentory costing 17@,>> was returned by the branch to the home oce on 7?+7E+7@. #he billing was at cost, but the home oce recorded the transaction at 17,@>. A home oce customer remitted 1@7,>>> to the branch. #he branch recorded this cash collection on 7?+?=+7@. 3eanwhile, back at the home oce, no entry has been made yet. #he home oce accountant had recorded a branch remittance initiated on 7?+?D+7@ for 1C@,>>> twice. Inentories costing 1DE,>>> was receied by the branch from home oce on >7+>?+7=. oweer, the home oce accountant informed the branch accountant about the shipment on 7?+7E+7@ and the latter had recorded the inentory shipment at 1ED,>>>. #he home oce ships goods to its branches at cost. #he ome oce incurred 17?,>>> of adertising expenses and allocated 79D of this amount to the branch on 7?+?7+7@. #he branch inadertently recorded half of the adertising expenses incurred by the home oce during the year.
Ho much is the unad!usted balance o the Home Ofce Current account$ Problem 10
#he trial balances of the ome oce and the branch oce AB- -ompany as follows& #he AB- -ompany #rial Balance 5ecember =7, ?>7= Deb!"
-ash Accounts Feceiables Inentory+ 7?+=7+7= 1lant Assets (net) Branch -ost of Hoods /old xpenses #otal
Home
7,>>> ?>,>>> =>,>>> 7>,>>> @@,>>> ??>,>>> >,>>> @E,>>>
Br#$%&
?,>>> 7,>>> D,>>>
E=,>>> @7,>>> 7C7,>>>
Cre'!"
Accounts 1ayable 3ortgage -apital /tock Fetained arnings+7= /ales Accrued xpenses
?=,>>> >,>>> 7>>,>>> ?C,>>> =>,>>>
7>,>>> ?,>>>
81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
ome "ce #otal
@E,>>>
E,>>> 7C7,>>>
#he following additional information is to be considered& a. #he branch receies all of its merchandise from home oce. #he home oce bills goods to the branch at 7?G of cost. 5uring ?>7= the branch was billed for 7>,>>> on shipments from the home oce. b. the home oce credit sales for the inoice price of goods shipped to the branch. c. on 7=, the inentory of the home oce was 1?,>>>. #he branch books showed a 1C,>>> inentory. d. "n 5ecember =>, ?>7=, the home oce billed the branch for 17?,>>>, representing the branch6s share of expenses paid at the home oce. #he branch has not yet recorded this billing. e. All cash collections made by the branch are deposited in a local bank to the account of the home oce. 5eposits of this nature included the following& Amount
5ate 5eposited by branch
1,>>> =,>>> ,>>> ?,>>>
5ecember ?D, ?>7= 5ecember ?E, ?>7= 5ecember =>, ?>7= 7@
5ate Fecorded by oce 5ecember =>, ?>7= 7@ 7@ 7@
ome
f. xpenses incurred locally by the branch are paid from an impress bank account that is reimbursed periodically by the home oce. >>, which was not receied by the branch oce until 7@. Fe*uired& 0. *repare a reconciliation o the branch accounts and the Home Ofce account) shoin# the corrected book balances. ,. *repare combined income statement. Problem 11
#he following transactions were entered in the branch current account of 3akati ead "ce for the year ?>7@ DEBI(
Beg. Balance /hipment to branch, @9797@ -ash forwarded, C9797@ -ollection of AF, E9797@ "perating expenses charged to the Branch7?9=797@ • •
•
•
•
• •
•
CREDI(
@E,?D ?7?,@>> 7,>>> ==,=>> ?,DD>
/hipment to the branch during the year were made at ?>G aboe cost #he balance of the allowance for oeraluation of branch inentory account was 1?7,=>> at the beginning, and the allowance was written down to 17@,>> at year+end. "n 7?+7>+7@, the home oce purchased a piece of e*uipment amounting to 1=C,>>> for its branch in "rtigas. #he said e*uipment has a useful life of the !e years and will be carried in the books of the branch, but the home oce recorded the purchased by debiting *uipment #he branch recorded the depreciation of the e*uipment by debiting the ome "ce current account and crediting Accumulated 5epreciation. 5ebit memo regarding the allocation of operating expenses to the "rtigas branch was receied by the branch on 7. #he "rtigas branch reported net income of 17E,=> It also remitted cash to the home oce on 7?+=7+7@ amounting to 1==,>>>, which the home oce receied and recorded on 7 #he interoce accounts were in agreement at the beginning of the year.
Compute or the olloin# 0. Ho much is the unad!usted balance o the branch current account on 0,1+0102 beore necessary closin# entries ere made$ ,. 'hat is the amount o ad!ustment in the alloance or overvaluation o Branch inventory account$ +. Ho much is the net income o Orti#as branch that ill be reported in the combined income statement o he Makati Company.
C81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
2. 'hat is the amount o the Home Ofce Current account that ill be reported in the books o Orti#as Branch ater closin# entries are made$ Problem 12
#he Batangas Branch of 3 -orporation is billed for merchandise by the ome "ce at 7?>G of cost. #he branch in turn bills its customers at 7? of cost. "n >>. 4o insurance was maintained. A branch book shows the following information& 3erchandise Inentory,
1?C,@>> ?>,>>> 7,>>> ?,>>> 7,>>>
Fe*uired& a. 'hat as the cost o the merchandise destroyed by 3re$ b. Ho much is 3re loss in so ar as the Home Ofce is concerned$ Problem 13
#he income statement submitted by #arlac Branch to the ome "ce for the month of 5ecember ?>7@, is shown below. After e'ecting the necessary ad%ustments the true net income of the branch was ascertained to be 17C,>>>. /ales -ost of sales& Inentory, 5ecember 7 /hipments from ome "ce :ocal purchases #otal aailable for sale Inentory, 5ecember =7 Hross 3argin "perating xpenses 4et Income for 5ecember, ?>7@ #he branch inentories were& 3erchandise from home "ce :ocal purchases
1C>>,>>> 1D>,>>> =>,>>> =>,>>> 1@C>,>>> 7>>,>>> 1=C>,>>> 1?@>,>>> 7D>,>>> 1C>,>>> 7?9>797@ 7?9=797@ 1>,>>> 1D@,>>> 7>,>>> 7C,>>>
Fe*uired& a. he billin# price based on cost imposed by the Home ofce to the branch) b. he balance o alloance or overvaluation o branch 4ecember +0) ,-02 ater ad!ustment. Problem 14
2I4- opened an agency in 3anila. #he following are transactions for 7. /amples worth 17>,>>>, adertising materials of 1,>>> and checks for 1>,>>> were sent to the agency. Agency sales amounted to 1??>,>>> (cost 17>,>>>). #he collection for agency amounted to 17C,@>> net of ?G discount. #he agency6s working fund was replenished for the following expenses incurred& rent for ? months 17>,>>>; deliery expenses 1?,>> and miscellaneous expenses of 1?,>>>. ome oce charges the following to the agency, after analysis of accounts recorded on the books; salaries and wages 17,>>> and commission which is G sales. #he agency sample inentory at the end of 5ecember is ?G of the *uantity shipped. #he agency has used ?>G of the adertising materials sent by the ome oce. Ho much is the a#ency net income or the month o 5uly ,-06$ Problem 15
"n 7?+=7+7@ the home oce current account on the books of the 3anila branch has a balance of 1=?,>>>. In analyzing the actiity in each of these accounts for 5ecember, you !nd the following di'erences& a. A 17?,>>> branch remittance to the home oce initiated on 5ecember ?D, ?>7@ was recorded twice by the home oce on 7?+?E and on 7?+=>. b. #he home oce incurred 17D,>>> of adertising expenses and allocated 79= of this amount to the branch on 7?+7+7@. #he branch recorded this transaction on 7?+7E+7@ amounting to 1E,>>>.
81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
c. A branch customer remitted 1D,>>> to the home oce. #he home oce recorded this cash collection on 7?+??+7@. pon noti!cation on the same year, the branch debited the amount to Accounts Feceiable and credited to ome oce -urrent. d. Inentory costing 17?7,E>> was sent to the branch by the ome oce on 7?+7?+7@. #he billing was at cost, but the branch recorded the transaction at 17?E,7>>. e. A 1=?,>>> shipment, charged by home oce to 3anila branch, was actually sent to and retained by Alabang branch. f. #he branch collected a home oce accounts receiable of 1E,?>> and fails to notify the home oce g. ome oce erroneously recorded the branch6s net income at 1=@,?. e branch reported a net income of 1=,@?. h. the branch writes o' uncollectible accounts of 1,>>. #he allowance for doubtful accounts is maintained on the books of the home oce. #he home oce is not yet noti!ed about the write o'. Fe*uired& Ho much is the unad!usted balance o the branch current account as o 0,1+0102$
Problem 16
LF/ #rading -o. operates a branch in Baguio -ity. At close of the business on 5ecember =7, ?>7@ Baguio Branch account in the home oce books showed a debit balance of 17D@, >. #he interoce accounts were in agreement at the beginning of the year. 2or purposes of reconciling the interoce accounts, the following facts were ascertained& a. 2urniture and !xtures costing the home oce 17E,>>> was picked up by the branch as 17,E>>. #he branch will maintain the records of the asset used. b. 2reight charge on merchandise made by the home oce for 17,=> was recorded in the branch books as 1=,7>. c. ome oce credit memo for 1?,@>> was recorded twice by the branch. d. #he branch failed to take up a 1=,>>> debit memo from the home oce. e. #he home oce inadertently recorded a remittance for 177,>>> from its Bicol branch as a remittance from its Baguio branch. f. "n 5ecember =>, ?>7@ the branch sent a check for 1?,>>> to the home oce to settle its account. #he check was not deliered to the home oce until 7. g. "n 5ecember ?, ?>7@ the branch returned 177,>>> of seasonal merchandise to the home oce for the >> to the branch. #he branch had not entered the allocation at the year+end. i. Branch store insurance premiums of 1=,?>> were paid by the home oce. #he branch recorded the amount of 1=?,>>>. Fe*uired& 4etermine the balance in the branch books o the home ofce account beore ad!ustments as o 0,1+0102 Problem 17
333 -ompany has established a branch in #acloban be sending goods costing 17D@,E>> and 1D>,>>> in cash on 7@. ome oce initiated transactions for the remainders of the year are found below. At the end of the year, the company6s controller has found out that the accounting sta' assigned in recording the transactions between the home oce and the branches had failed to record all the transactions initiated by the branch. Because of this, there is a signi!cant discrepancy between the balances of the reciprocal accounts. •
• • • •
#he home oce ac*uired computer e*uipment amounting to 1@?>,>>> for the branch on August 7, ?>7@. As per agreement, the branch will keep all the property, plant and e*uipment records. Hoods costing 1=?>,>>> were shipped from the home oce to branch on 4oember E,?>7@ Additional cash amounting to 1=,>>>was transferred to the branch on 7?+?+7@ A branch customer has incorrectly paid 1?,>>> cash to the home oce on 7?+7C+7@ #he home oce incurred 1C,>>> of adertising cost and 1EC,>>> of salaries. #acloban branch is to shoulder =>G and ?>G of these expenses respectiely
D81age
ADVANCE ACCOUNTING PART 1 & 2 (ACCTG 10 & 11)
2or the purpose of reconciling the reciprocal accounts, the controller has instructed the branch accountant to send a copy of the ome oce current general ledger to the home oce "3 "22I- -FF4#
D9= 779 7?9?>
*uip. ac*uisition -ash remittance Feturns of good to "
@?>,>>> D,>>> @E,>>>
97 97 D97 7797> 7?9@
Hoods from " -ash -ollection of "6s AF Hoods from " -ash
7D@,E>> D>,>>> 77=,C>> ?=>,>>> >,=>>
Compute or the unad!usted balance o investment in acloban account a. 17,7@?,D>> b. 17,>@@,D>> c. 17,>7,C>> d. 17,>D,?>> he net ad!ustment balance in the Home Ofce Current account a. 1E@C,@>> net debit b. 1E@C,@>> net credit c. 1EEC,@>> net debitd. credit
1EEC,@>>
net
E81age
