what's the answe in question 2? entsLand Bank accountThe credit balance in the Land Bank account represents check drawn inexcess of the deposit balance. These checks were still outstanding atDecember 31, 2021. Your inquiry and inspection of related documentsrevealed that there is an agreement between the bank and the client to offsetin each account.Metro Bank accountThe savings account in Metro Bank has been set aside by the board ofdirectors for the acquisition of new equipment. This amount is expected tobe disbursed in the next two years as of December 31, 2021.Determine the following as a result of your audit:1. How much is the correct balance of cash on hand (excluding the PCF)as of December 31, 2021?2. How much is the correct balance of petty cash fund as of December 31,2021?3. How much is the correct balance of cash in Asian Development bank asof December 31, 2021?4. How much is the amount of cash in Land Bank as of December 31,2021?5. How much is the correct balance of cash equivalents as of December31, 2021?T 6. How much is the total cash and cash equivalents reported in itsstatement of financial position as of December 31, 2021? payee on January 3, 2022, P84,000. Check number 2782 written onCash on hand, P197,000; Petty cash fund, P10,000; Asian DevelopmentCheck number 2781 written and dated December 21, 2021 but delivered toDecember 23, 2021 and dated January 7, 2022 but delivered to payee onIncluded in the checks drawn by the company against the AsianCase 2The trial balance of Eros Company as of December 31, 2021 includes ufollowing accounts and balances:Cash on hand, P197,000; Petty cash fund, P10,000; Asian DevelonmeBank – CA, P1,880,000; Land bank - CA No. 1, P2,100,000; Land RankCA No. 2, overdraft (P200,000); Metro Bank - SA, P500,000 and Metro Re- Time deposit (due in 2- months, purchased 12/31/2021), P630,000.The cash on hand includes the following items:Customers check for P10,000 returned by the bank on December 28, 2021due to insufficient funds, but subsequently re-deposited and cleared by thebank on January 2, 2022. Postal money orders received from customers.P5,000. Customers check for P21,000 dated January 4, 2022 but receivedon December 27 , 2021.allid ysenThe petty cash fund consisted of the following items as of December31, 2021:Currency and coins, P2,750; Employee advances, P1,000; currency in anenvelope marked "collection for charity" with names attached, P1,200; Un-replenished petty cash vouchers, P950; check drawn by the companypayable to petty cash custodian representing replenishment of useuvouchers, P2,810.nedkul na to Anisa le08 airt lo euley pldesilsojelhe Included in the checks drawn by the company against the AsDevelopment Bank account and recorded as of December 2021:payee on January 3, 2022, P84,000. Check number 2782 Witee onDecember 27, 2021, P102,000.

It used in expenses like foods, postage stamp ,fare ,food expense etc.

The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins, P2,750; Employee advances, P1,000; currency in an envelope marked "collection for charity" with names attached, P1,200; Un- replenished petty cash vouchers, P950; check drawn by the company payable to petty cash custodian representing replenishment of useu vouchers, P2,810.

The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins, P2,750; Employee advances, P1,000; currency in an envelope marked "collection for charity" with names attached, P1,200; Un- replenished petty cash vouchers, P950; check drawn by the company payable to petty cash custodian representing replenishment of useu vouchers, P2,810.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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