Reference no: EM132894015
Problem - Candy Corporation, operates a number of branches in Metro Manila. On June 30, 2013, its Nova branch showed a Home Office account balance of P27,350 and the home office books showed Investment in Nova Branch account balance of P25,550. The following data were discovered in reconciling the two reciprocal accounts:
1. A P12,000 shipment, charged by the home office to Nova branch, was actually sent to and retained by QC branch.
2. A P15,000 shipment, intended and charge to Bulacan branch was shipped to Nova branch.
3. The home office collects a Nova branch accounts receivable of P3,600 and fails to notify the branch.
4. The home office was charged for P1,200 for merchandise returned by Nova branch on June 28. The merchandise is in transit.
5. The home office erroneously recorded Nova branch's net income for May at P16,275. The branch reported a net income of P12,675.
Required - What is the reconciled amount of the Home Office and Investment in Branch Accounts?
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