A reconciliation of the Investment in branch account in the home office of Taguig company and the Home office account carried on the branch books showed the following discrepancies: Collection of branch accounts receivable by the home office, P10,000. The branch was not notified. Shipment in transit to branch on December 31, 20x7, P35,000. Acquisition of furniture by the branch, P20,000. The fixed asset accounts is to be maintained on the home office books. The home office had not been notified of such acquisition. Return of excess merchandise by the branch but not received yet by the home office, P8,000. Cash remittance by the branch on December 31, 20x7 was in transit, P12,000. The balance of the home office account in the books of the branch on December 31, 20x7 is P420,000. Compute the unadjusted balance of Investment branch account on December 31, 20x7. Select one: 

a. P459,000 

b. P485,000 

c. P465,000 

d. P445,000

Answer rating: 100% (QA)

To compute the unadjusted balance of the Investment in branch account on December 31 20x7 we need ... View the full answer