he unadjusted balance of Investment in Branch account of a home office is P364,000. Relevant informationfollows:a. The branch did not record a P24,000 credit memo from the home office.b. The branch did not record a debit memo from the home office amounting to P18,000.c. The home office erroneously recorded twice a P40,000 credit memo from the branch.d. The home office recorded a P60,000 debit memo from the branch as P6,000.e. The branch sent by mistake a P14,000 credit memo to the home office. The home office did notrecord it.

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Activities: Prepare a bank reconciliation statement. Write your answer on a separate sheet of paper. IV. Activity 1 The bank statement of the Fast Company shows a balance of P10,000 on 31 January 2015 whereas the company's ledger shows a balance of P8,525. The following reasons have been identified for this discrepancy. 1. An amount of P822 sent to the bank for a deposit on January 31, 2015, does not appear in the bank statement. 2. The following checks issued during January have not yet been cleared by the bank. a. Check No: 201, Issue date: 15 January 2015, Amount; P200. b. Check No: 212, Issue date: 19 January 2015, Amount; P20. c. Check No: 216, Issue date: 25 January 2015, Amount; P610. 3. A note receivable amounting to P1,588 has been collected by the bank for the company. 4. The bank statement shows that interest amounting to P50 has been earned on average account balance during January. 5. The bank has charged P10 for the collection of a note. 6. A check of P100 deposited by…

A company’s draft financial statements for 2021 showed a profit of $630,000. However, the trial balance did not agree, and a suspense account appeared in the company’s financial statements.Subsequent checking revealed the following errors:1 The cost of an item of plant $48,000 had been entered in the cash book and in the plant account as $4,800.2 Bank charges of $440 appeared in the bank statement in December 2021 but had not been entered in the company’s records.3 One of the directors paid $800 due to a supplier in the company’s payables ledger by a personal cheque. The bookkeeper recorded a debit in the supplier’s ledger account but did not complete the double entry for the transaction.4 The payments side of the cash book had been understated by $10,000.  Which of the above items would require an entry to the suspense account in correcting them?   What would the company’s profit become after the correction of the above errors?