Required: 

1) reconcile the investment and home office account in 31/12/2020 and journalize the required entries.

2) prepare consolidation income statement in 31/12/2020

3) prepare all closing entries in Niram company and its branch

4) prepare a table of inflow inventory between Niram and the branch

Transcribed Image Text:

The following are information about Niram company and its branch's in 31/12/2020 (investment account, home office account and partial trial balance) Investment in farm branch beginning shipment to goods received cash collection of branch account receivables paid branch payable operating expenses depreciation expenses shipment goods Total Balance Home office in farm book Beginning goods from home cash send Equipment receivables of home cash send notes home operating expenses net income before adjustment 120,000 190,000 25,000 60,000 25,000 22,000 15,000 5000 80,000 432,000 143,000 289,000 50000 40,000 118,000 120,000 190,000 61,000 15,000 50,000 175,000 436,000 261,000 The following are information about Niram company and its branch's in 31/12/2020 (investment account, home office account and partial trial balance) Investment in farm branch beginning shipment to goods received cash collection of branch account receivables paid branch payable operating expenses depreciation expenses shipment goods Total Balance Home office in farm book Beginning goods from home cash send Equipment receivables of home cash send notes home operating expenses net income before adjustment 120,000 190,000 25,000 60,000 25,000 22,000 15,000 5000 80,000 432,000 143,000 289,000 50000 40,000 118,000 120,000 190,000 61,000 15,000 50,000 175,000 436,000 261,000 The following are information about Niram company and its branch's in 31/12/2020 (investment account, home office account and partial trial balance) Investment in farm branch beginning shipment to goods received cash collection of branch account receivables paid branch payable operating expenses depreciation expenses shipment goods Total Balance Home office in farm book Beginning goods from home cash send Equipment receivables of home cash send notes home operating expenses net income before adjustment 120,000 190,000 25,000 60,000 25,000 22,000 15,000 5000 80,000 432,000 143,000 289,000 50000 40,000 118,000 120,000 190,000 61,000 15,000 50,000 175,000 436,000 261,000 The following are information about Niram company and its branch's in 31/12/2020 (investment account, home office account and partial trial balance) Investment in farm branch beginning shipment to goods received cash collection of branch account receivables paid branch payable operating expenses depreciation expenses shipment goods Total Balance Home office in farm book Beginning goods from home cash send Equipment receivables of home cash send notes home operating expenses net income before adjustment 120,000 190,000 25,000 60,000 25,000 22,000 15,000 5000 80,000 432,000 143,000 289,000 50000 40,000 118,000 120,000 190,000 61,000 15,000 50,000 175,000 436,000 261,000

Answer rating: 100% (QA)

To reconcile the investment and home office accounts in 31122020 and journalize the required entries we need to analyze the given information 1 Reconciliation and Journal Entries Investment in Farm Br... View the full answer