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What is the reconciled amount of the home office

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Reference no: EM132998788

SYSTEM CORPORATION operates a number of BRANCHES in Metro Manila. On June 30, 2019, its STA. CLARA BRANCH showed a HOME OFFICE account balance of P21,880 and the HOME OFFICE books showed a STA, CLARA BRANCH account balance of P20,440.

The following information may help in reconciling both accounts:

  1. A P9,600 shipment charged by HOME OFFICE to STA. CLARA BRANCH was actually sent to and retained by STA. INEZ BRANCH.
  2. A P12,000 shipment, intended and charged to STO. DOMINGO BRANCH was shipped to STA. CLARA BRANCH and retained by the latter.
  3. A P1,600 emergency cash transfer from STA. INEZ BRANCH was not taken up in the HOME OFICE books.
  4. HOME OFFICE collects a STA. CLARA BRANCH accounts receivable of P2,880 and fails to notify the BRANCH.
  5. HOME OFFICE was charged for P960 for merchandise returned by STA. CLARA BRANCH on June 28. The merchandise is in transit.
  6. HOME OFFICE erroneously recorded STA. CLARA BRANCH's net income for May, 2014 at P13,020. The BRANCH reported a net income of P10,140.

Problem 1: What is the reconciled amount of the HOME OFFICE and STA. CLARA BRANCH's reciprocal accounts?

a. P16,120
b. P21,880
c. P19,000
d. P17,400

Reference no: EM132998788

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