What is the adjusted balances of the home office

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Reference no: EM132754865

Nike Corporation operates a number of branches in the provinces. On December 31, 2011, its Davao branch showed a Home Office account balance of P54,700 and the home office books showed an Investment in Davao Branch account balance of P51,100. The following information may help in reconciling both accounts:

A P24,000 shipment, charged by Home Office to Davao Branch was actually sent to and retained by Cebu Branch
A P30,000 shipment, intended and charged to Aklan Branch was shipped to Davao Branch and retained by the latter.
A P4,000 emergency cash transfer from Cebu Branch was not taken up in the Home Office books.
Home Office collects a Davao Branch accounts receivable of P7,200 and fails to notify the branch.
Home Office was charged for P2,400 for merchandise returned by Davao Branch on December 30. The merchandise is in transit.
Home office erroneously recorded Davao Branch's net income for 2011 at P32,550. The branch reported a net income of P25,350.

Problem 1: What is the adjusted balances of the Home Office and Davao Branch reciprocal accounts on December 31, 2011?

Reference no: EM132754865

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