Branch 1 of Iloilo Companys balances are as follows:

All sales, collections and expenses are handled at the branch. All cash received from sales and collections are sent directly to the Home office. Expenses are paid by the branch from the imprest fund and immediately reimbursed by the Home office and credited to the Home account. All expenses paid by the branch are recorded in the books of the branch.

Compute the balance of the Home office account in the books of branch on December 31, 20x8.

Accounts Inventory, 1/1/20x8 P 47,225 Imprest branch fund 3,500 Inventory, 12/31/20x8 18,000 Trade receivables, 1/1/20x8 50,000 Merchandise from Home office 47,000 Trade receivables, 12/31/20x8 83,250 Sales 105,000 Cash expenses 73,800