In your year-end audit of KK Day Corporation, the cashier showed a cash accountability of P12,000 as at December 31, 2017. Selected transactions of the corporation for 2017, in summary form follows:

Accounts written off

5,000

Depreciation of fixed assets

30,000

Disbursement for cost and expenses

750,000

Income tax accrued

10,000

Payment of bank loan

40,000

Subscriptions receivable

300,000

Subscribed share capital

900,000

Proceeds from short-term bank loan

100,000

Purchases of fixed assets

450,000

Sales (80% collected in 2017)

700,000

The Cashier's correct cash accountability at December 31, 2017 was ___________

Please provide a detailed solution and not just the answer. Thank you