What amount of accounts receivable should be presented

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Question - George Corporation owns a 70% interest in Chris Corporation, acquired several years ago at book value. On 31 December 2011, Chris mailed a check for P 10,000 to George in part payment of a P 20,000 account with George. George had not received the check when its books were closed on December 31. George Corporation had accounts receivable of P 150,000 (including the P 20,000 from Chris) and Chris had accounts receivable at P 220,000 a year-end. What amount of accounts receivable should be presented in the consolidated balance sheet at 31 December 2011?

a. P 370,000

c. P 350,000

b. P 360,000

d. P 304,000

Reference no: EM132541236

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