JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. > A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. > A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?

JKL Co. Operates a number of branches in Baguio. On June 30, 2021. its XYZ branch showed a Home Office Account balance of P27,350 and the Home Office books showed a Investment branch XYZ of P25,550. The following information may help in reconciling both accounts. > Home office was charged for P1,200 for merchandise returned by XYZ branch (the merchandise is in transit) > A P12,000 shipment, charged by Home Office to XYZ branch was actually sent to and retained by UUU Branch. > Home Office collects an XYZ branch accounts receivable of P3,600 and fails to notify the branch. > A P15,000 shipment, intended and charged to XXX branch was shipped to XYZ branch and retained by the latter. > A P2,000 emergency cash transfer from ZZXXYY was not taken up in the Home Office books. Home office erroneously recorded XYZ's net income for May, 2021 at P16,275. The branch reported a net income of P12,675. What is the reconciled amount of the Home Office and XYZ branch reciprocal amount?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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