ny’s cash in bank for the year ended December 31, 2022, following information are available: November 30 December 31 Cash per books P530,500 ? Cash per bank statements 510,000 520,500 Deposits in transit 260,100 ? Outstanding checks 162,600 220,400 Bank service charges 2,500 2,700 Insufficient fund check 10,500 12,000 Company's notes receivable collected by bank 130,000 125,000 The bank statement and the company’s cash records show the follo
5.
The AA Company’s cash in bank for the year ended December 31, 2022, following information are available:
|
November 30 |
December 31 |
|
|
|
P530,500 |
? |
|
Cash per bank statements |
510,000 |
520,500 |
|
Deposits in transit |
260,100 |
? |
|
Outstanding checks |
162,600 |
220,400 |
|
Bank service charges |
2,500 |
2,700 |
|
Insufficient fund check |
10,500 |
12,000 |
|
Company's notes receivable collected by bank |
130,000 |
125,000 |
The bank statement and the company’s cash records show the following totals:
|
Checks and debit memos per bank statement |
P470,500 |
|
Cash receipts per cash record |
490,500 |
|
Cash disbursements per cash records |
450,000 |
|
Deposits and credit memos per bank statement |
481,000 |
Additional information:
- A P40,000 book debit error in November was corrected in December.
- A P25,000 withdrawal of AB Corporation was erroneously credited by the bank in company’s account in December.
- A P12,500 disbursement check was recorded in cash disbursement journal in November at P2,500. The error was discovered and corrected in December.
- A P10,000 customer collection was recorded in December at P1,000, the error was detected and corrected in December.
- There were unrecorded disbursement in the month of December.
Statement 1: The amount of deposit in transit of December 31, 2022 is P291,700
Statement 2: The correct cash balance as of December 31, 2022 is P564,700.
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