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 ZZKXYY 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 ZZKXYY 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?
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....
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