Lazer Company had the following bank reconciliation on June 30, 2014: Balance per bank statement, June 30 3,000,000 Deposit in transit 400,000 Total 3,400,000 Outstanding checks (900,000) Balance per book, June 30 2,500,000 The bank statement for the month of July showed the following: Deposits (including P200,000 note collected for Lazer) 9,000,000 Disbursements (including P 140,000 NSF check and P10,000 service charge) 7,000,000 All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled P600,000 and the deposit in transit amounted to P1,000,000 on July31. Required: What is the cash balance per book on July 31? What is the amount of cash receipts per book in July? What is the amount of cash disbursements per book in July?
DIRECTION: Prepare a proof of cash and answer the guide questions:
Lazer Company had the following bank reconciliation on June 30, 2014:
Balance per bank statement, June 30 3,000,000
Deposit in transit 400,000
Total 3,400,000
Outstanding checks (900,000)
Balance per book, June 30 2,500,000
The bank statement for the month of July showed the following:
Deposits (including P200,000 note collected for Lazer) 9,000,000
Disbursements (including P 140,000 NSF check and
P10,000 service charge) 7,000,000
All reconciling items on June 30 cleared through the bank in July. The outstanding checks totaled
P600,000 and the deposit in transit amounted to P1,000,000 on July31.
Required:
What is the cash balance per book on July 31?
What is the amount of cash receipts per book in July?
What is the amount of cash disbursements per book in July?
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