PROBLEM $7$

A Corporation operates a branch in Laguna. On October $31,2019,$ the Branch Current Account $($Investment in Branch$)$ had a balance of P$300,000\mathrm{.}00.$ In the process of reconciling the reciprocal current accounts, the following items were noted:

a$.$ The home office had billed the branch $P75,000\mathrm{.}00$ for merchandise shipment still in transit as of October $31.$

b$.$ A home office customer's account for P$21,000\mathrm{.}00$ collected by the branch on October $2$ has not been reported to the home office.

c$.$ The branch has failed to recognize its $P5,000\mathrm{.}00$ share of advertising expense paid for by the home office.

d$.$ The branch reported a net income of $P43,500\mathrm{.}00$ during the fiscal period then ended; this was erroneously take up as $P45,500\mathrm{.}00$ by the home office.

Question: Assuming that all other transactions related to the home office and its branch are correctly recorded, the adjusted balance of the reciprocal current accounts as of October $31,2019$ was $q,$