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2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following data were gathered: Undeposited collections NSF checks (of which P10,000 had been redeposited and cleared by the bank by December 28) P400,000 100,000 500,000 Proceeds of customer note collected by the bank Proceeds of bank loan, December 1 discounted for 6 months at 12% not yet recorded on Company books Depositor's note charged to account December bank charges (of which P20,000 was recorded by the Company in December) Checks written by the Company during December (of which P350,000 was not yet presented to the bank) Outstanding checks, November 30 (P50,000 was presented for payment during December) Amount erroneously credited by the bank to the entity's account 940,000 400,000 50,000 950,000 200,000 130,000 Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been deposited and had not been recorded. The amount is not yet included in the above undeposited collections. Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000. Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash balance per bank as of December 31, 2018? a. P1,550,000 b. P1,420,000 Page 1 of 3 IIIII/aps////IIIII Bank Reconciliation c. P500,000 d. P1,450,000 02. f the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash balance per book as of December 31, 2018? a. P680,000 b. (P290,000) c. (P240,000) d. P630,000

2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following data were gathered: Undeposited collections NSF checks (of which P10,000 had been redeposited and cleared by the bank by December 28) P400,000 100,000 500,000 Proceeds of customer note collected by the bank Proceeds of bank loan, December 1 discounted for 6 months at 12% not yet recorded on Company books Depositor's note charged to account December bank charges (of which P20,000 was recorded by the Company in December) Checks written by the Company during December (of which P350,000 was not yet presented to the bank) Outstanding checks, November 30 (P50,000 was presented for payment during December) Amount erroneously credited by the bank to the entity's account 940,000 400,000 50,000 950,000 200,000 130,000 Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been deposited and had not been recorded. The amount is not yet included in the above undeposited collections. Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000. Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash balance per bank as of December 31, 2018? a. P1,550,000 b. P1,420,000 Page 1 of 3 IIIII/aps////IIIII Bank Reconciliation c. P500,000 d. P1,450,000 02. f the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash balance per book as of December 31, 2018? a. P680,000 b. (P290,000) c. (P240,000) d. P630,000

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter6: Cash And Internal Control
Section: Chapter Questions
Problem 6.3E
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2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following data were gathered: Undeposited collections NSF checks (of which P10,000 had been redeposited and cleared by the bank by December 28) P400,000 100,000 Proceeds of customer note collected by the bank Proceeds of bank loan, December 1 discounted for 6 months 500,000 at 12% not yet recorded on Company books Depositor's note charged to account December bank charges (of which P20,000 was recorded by the Company in December) Checks written by the Company during December (of which P350,000 was not yet presented to the bank) Outstanding checks, November 30 (P50,000 was presented for payment during December) Amount erroneously credited by the bank to the entity's account 940,000 400,000 50,000 950,000 200,000 130,000 Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been deposited and had not been recorded. The amount is not yet included in the above undeposited collections. Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000. Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash balance per bank as of December 31, 2018? a. P1,550,000 b. P1,420,000 Page 1 of 3 ////////aps//////IIII Bank Reconciliation C. P500,000 d. P1,450,000 Q2. If the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash balance per book as of December 31, 2018? P680,000 b. (P290,000) c. (P240,000) a. d. P630,000
Transcribed Image Text:2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following data were gathered: Undeposited collections NSF checks (of which P10,000 had been redeposited and cleared by the bank by December 28) P400,000 100,000 Proceeds of customer note collected by the bank Proceeds of bank loan, December 1 discounted for 6 months 500,000 at 12% not yet recorded on Company books Depositor's note charged to account December bank charges (of which P20,000 was recorded by the Company in December) Checks written by the Company during December (of which P350,000 was not yet presented to the bank) Outstanding checks, November 30 (P50,000 was presented for payment during December) Amount erroneously credited by the bank to the entity's account 940,000 400,000 50,000 950,000 200,000 130,000 Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been deposited and had not been recorded. The amount is not yet included in the above undeposited collections. Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000. Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash balance per bank as of December 31, 2018? a. P1,550,000 b. P1,420,000 Page 1 of 3 ////////aps//////IIII Bank Reconciliation C. P500,000 d. P1,450,000 Q2. If the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash balance per book as of December 31, 2018? P680,000 b. (P290,000) c. (P240,000) a. d. P630,000
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