The accounts receivable of Pasig Corporation were stated at P2,394,000 in a balance sheet submitted to a banker for credit. You are called upon to audit the report and, upon analysis, the asset was found to consist of the following items:

Due from customers on open account P 2,250,000 Acknowledged claim for damages 45,000 Due from consignee at billed price - cost price (P45,000) 60,000 Investment in and advances to affiliated company 300,000 Loans to officers and employees 27,000 Deposits with municipalities - bids for contracts 135,000 Unpaid capital stock subscriptions 120,000 Advances to creditors for merchandise purchased but not received 48,000 Cash advanced to salesmen for traveling expenses 9,000 Allowance for doubtful accounts (60,000) P 2,934,000