If it wasn't for Punch Item #3 showing that you don't always have any related Punch Receivable records, I'd suggest a report layout based on PunchReceivables with the Punch Item fields located inside sub summary layout parts. That approach works quite well but only if you always have at least one Punch Receivable record for every punch item record.
What you can do, is base your report on PunchItems and use a portal to list the PunchReceivables records. You can make the portal many rows in size and then set it to "slide up" and to "resize enclosing part" so that, when printed or previewed, the portals shrink to just the number of rows needed for the number of Punch Receivable records in the portal.
Key facts about sliding layout objects:
- It's only visible in preview mode and when you print/save as PDF...
- Sliding fields will shrink but not expand.
- All layout objects below and in the same layout part as the slide/resize field need to also be set to slide up and resize.
- Objects in headers and footers will not slide.
- Portals will shrink/slide to fit the number of rows of records, but fields within the portal row will not shrink/slide.
- Fields will slide up only if Top alignment is specified for it and will slide left only if Left alignment is specified.
- Consistent side borders are difficult to achieve with sliding fields.
- In FMP13, hidden objects (”Hide object when”) will slide/resize.