You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY: Cash on hand P 500,000 Petty cash fund 10,000 BPI current account 1,000,000 Security Bank current account No. 1 1,080,000 Security Bank current account No. 2 (80,000) PNB savings account 1,200,000 PNB current account 500,000 Cash on hand includes the following items: ∙ Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021 ∙ Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020 ∙ Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100 Included among the checks drawn by PPP against the BPI current account andrecorded in December 2020 are the following: ∙ Checks written and dated December 29 2020 and delivered to payee onJanuary 2, 2021, 80,000. The accountant neglected to record the check.∙ Checks written on December 27, 2020 , dated January 2, 2021, deliveredto payee on December 29, 2020 , 40,000 The credit balance in the Security Bank account No.2 represents checks drawnin excess of the deposit balance. These checks were still outstanding atDecember 31, 2020 . The savings account deposit in PNB has been set asideby the board for acquisition of new equipment. This account is expected tobe disbursed in the next 3 months from the balance sheet date. Based on the above information, determine the adjusted balance of thefollowing: Cash on hand Petty cash fund BPI current account Cash and Cash equivalents
You were able to gather the following from the December 31, 2020 trialbalance of PPP COMPANY:
Cash on hand P 500,000 Petty cash fund 10,000 BPI current account 1,000,000 Security Bank current account No. 1 1,080,000 Security Bank current account No. 2 (80,000) PNB savings account 1,200,000 PNB current account 500,000
Cash on hand includes the following items:
∙ Customer’s check for 45,000 returned by bank on December 26, 2020 dueto insufficiency of funds but subsequently redeposited and cleared bythe bank on January 8, 2021
∙ Customer’s check for 25,000 dated January 2, 2021, received inDecember 29, 2020
∙ Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020Currency and coins P 2,000Employees’ vales 1,600Currency in envelope marked “collections for charity 1,200Unreplenished petty cash vouchers 1,300Check drawn by PPP payable to petty cash custodian 4,00010,100
Included among the checks drawn by PPP against the BPI current account andrecorded in December 2020 are the following:
∙ Checks written and dated December 29 2020 and delivered to payee onJanuary 2, 2021, 80,000. The accountant neglected to record the check.∙ Checks written on December 27, 2020 , dated January 2, 2021, deliveredto payee on December 29, 2020 , 40,000
The credit balance in the Security Bank account No.2 represents checks drawnin excess of the deposit balance. These checks were still outstanding atDecember 31, 2020 . The savings account deposit in PNB has been set asideby the board for acquisition of new equipment. This account is expected tobe disbursed in the next 3 months from the balance sheet date.
Based on the above information, determine the adjusted balance of thefollowing:
- Cash on hand
- Petty cash fund
- BPI current account
- Cash and Cash equivalents
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