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The following bank statement was received by Sensi from Metrobank. Date Checks Deposits Balance Dec. 1 Balance 130,000 Check No. 768 10,000 1 771 20,000 4 772 5,000 773 35,000 30,000 12 774 15,000 40,000 12 776 52,000 24 1042 8,000 50,000 28 NSF Check 10,000 45,000 CM 28 Service charge 5,000 Other information: 1. Sensi Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sansi Company. The bank charged it in error to the account of Sensi.

The following bank statement was received by Sensi from Metrobank. Date Checks Deposits Balance Dec. 1 Balance 130,000 Check No. 768 10,000 1 771 20,000 4 772 5,000 773 35,000 30,000 12 774 15,000 40,000 12 776 52,000 24 1042 8,000 50,000 28 NSF Check 10,000 45,000 CM 28 Service charge 5,000 Other information: 1. Sensi Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sansi Company. The bank charged it in error to the account of Sensi.

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter4: Internal Control And Cash
Section: Chapter Questions
Problem 60BPSB
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Please show me a solution of correct amount of cash in bank to be presented in the balance sheet. 

Problem 1 Sensi Company provided the following ledger account of the cash in bank maintained with Metrobank: Cash in Bank - Metrobank Dec. 1 Balance 100,000 Dec. 1 Check No. 771 20,000 6 Deposit 12 Deposit 30,000 4 772 5,000 40,000 773 35,000 24 Deposit 31 Deposit 50,000 10 774 15,000 60,000 14 775 30,000 18 776 25,000 24 777 40,000 The following bank statement was received by Sensi from Metrobank. Date Checks Deposits Balance Dec. 1 Balance 130,000 Check No. 768 10,000 1 771 20,000 772 5,000 773 35,000 30,000 12 774 15,000 40,000 12 776 52,000 24 1042 8,000 50,000 28 NSF Check 10,000 45,000 CM 28 Service charge 5,000 Other information: 1. Sensi Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sansi Company. The bank charged it in error to the account of Sensi. 3. Check No. 776 was correctly drawn for P52,000 in payment of an account. The amount P25,000 was entered in the books of original entry. 4. The bank credit on Dec. 28 represents the proceeds of a P50,000 note, less a collection fee of P5,000 collected by the bank and credited to the account. 5. The NSF check was received from a customer in payment of account.
Transcribed Image Text:Problem 1 Sensi Company provided the following ledger account of the cash in bank maintained with Metrobank: Cash in Bank - Metrobank Dec. 1 Balance 100,000 Dec. 1 Check No. 771 20,000 6 Deposit 12 Deposit 30,000 4 772 5,000 40,000 773 35,000 24 Deposit 31 Deposit 50,000 10 774 15,000 60,000 14 775 30,000 18 776 25,000 24 777 40,000 The following bank statement was received by Sensi from Metrobank. Date Checks Deposits Balance Dec. 1 Balance 130,000 Check No. 768 10,000 1 771 20,000 772 5,000 773 35,000 30,000 12 774 15,000 40,000 12 776 52,000 24 1042 8,000 50,000 28 NSF Check 10,000 45,000 CM 28 Service charge 5,000 Other information: 1. Sensi Company reconciled its bank balance on November 30 with two checks, No. 768 for P10,000 and No. 770 for P20,000 outstanding. 2. Check No. 1042 was drawn by Sansi Company. The bank charged it in error to the account of Sensi. 3. Check No. 776 was correctly drawn for P52,000 in payment of an account. The amount P25,000 was entered in the books of original entry. 4. The bank credit on Dec. 28 represents the proceeds of a P50,000 note, less a collection fee of P5,000 collected by the bank and credited to the account. 5. The NSF check was received from a customer in payment of account.
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