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Problem 2. S Company prepared the following bank reconciliation on December 31, 2015: Balance per bank statement Add: Deposit in transit 3,000,000 Checkbook printing charge Error made by bank NSF Check 195,000 5,000 35,000 110,000 345,000 3,345,000 Total Less: Outstanding check 100,000 Note collected by bank including 15,000 interest 215,000 315,000 Balance per book 3,030,000 The entity had cash on hand P500,000 and petty cash fund P50,000 on December 31, 2015. 1. What amount should be reported as cash in bank on December 31, 2015?

Problem 2. S Company prepared the following bank reconciliation on December 31, 2015: Balance per bank statement Add: Deposit in transit 3,000,000 Checkbook printing charge Error made by bank NSF Check 195,000 5,000 35,000 110,000 345,000 3,345,000 Total Less: Outstanding check 100,000 Note collected by bank including 15,000 interest 215,000 315,000 Balance per book 3,030,000 The entity had cash on hand P500,000 and petty cash fund P50,000 on December 31, 2015. 1. What amount should be reported as cash in bank on December 31, 2015?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 11MC
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Problem 2. S Company prepared the following bank reconciliation on December 31, 2015: Balance per bank statement Add: Deposit in transit 3,000,000 Checkbook printing charge Error made by bank NSF Check 195,000 5,000 35,000 110,000 345,000 3,345,000 Total Less: Outstanding check Note collected by bank including 15,000 interest 100,000 215,000 315,000 Balance per book 3,030,000 The entity had cash on hand P500,000 and petty cash fund P50,000 on December 31, 2015. 1. What amount should be reported as cash in bank on December 31, 2015? 2. What total amount of cash should be reported on Deacember 31, 20152
Transcribed Image Text:Problem 2. S Company prepared the following bank reconciliation on December 31, 2015: Balance per bank statement Add: Deposit in transit 3,000,000 Checkbook printing charge Error made by bank NSF Check 195,000 5,000 35,000 110,000 345,000 3,345,000 Total Less: Outstanding check Note collected by bank including 15,000 interest 100,000 215,000 315,000 Balance per book 3,030,000 The entity had cash on hand P500,000 and petty cash fund P50,000 on December 31, 2015. 1. What amount should be reported as cash in bank on December 31, 2015? 2. What total amount of cash should be reported on Deacember 31, 20152
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