Solution-What is the reconciled amount of the home office

What is the reconciled amount of the home office

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Reference no: EM132865419

Question - AA Corporation, operates a number of branches in Metro Manila. On June 30, 2018, its branch showed a Home office account balance of P27,350 and the Home office books showed a Branch account balance of P25,550. The following information may help in reconciling both accounts:

1. A P12,000 shipment, charged by Home office to branch was actually sent to and retained by another branch.

2. A P15,000 shipment, intended and charged to another branch was shipped to this branch and retained by the latter.

3. A P2,000 cash transfer from another branch was not taken up in the Home office books.

4. Home office collects a branch's accounts receivable of P3,600 and fails to notify the branch.

5. Home office charged for P1,200 for merchandise returned by the branch on June 28. The merchandise is in transit.

Home office erroneously recorded branch's net income for May, 2018 at P16,275. The branch reported a net income of P12,675.

Required - What is the reconciled amount of the home office and branch reciprocal accounts?

A. P21,750

B. P23,750

C. P27,350

D. P20,150

Reference no: EM132865419

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What is the reconciled amount of the home office

Reference no: EM132865419

Reference no: EM132865419

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