1) Presented below is the bank statement of Gold Bank for the month of March.

GOLD BANK

Quezon City

	Supra Grocers
888 Congressional Avenue, QC.				Account No. 00789 March 31, 2017
Date		Debits	Credit	Balance
28-Feb				P60, 000
4-Mar			P20, 000	80, 000
6-Mar	Chk No. 301	P10, 000		70, 000
11-Mar	Chk No.302	30, 000		40, 000
			60, 000	100, 000
12-Mar	Chk No. 304	2, 000		98, 000
18-Mar			80, 000	178, 000
19-Mar	Chk No. 305	40, 000		138, 000
25-Mar	Chk No. 307	6, 000		132, 000
			40, 000	172, 000
26-Mar		2, 000 NSF		170, 000
26-Mar	Chk No. 299	10, 000		160, 000
27-Mar	Chk No. 306	112, 000		48, 000
28-Mar			100, 000	148, 000
31-Mar		400 DM		147, 600

LEGEND: DM Debit Memo CM Credit Memo NSF No Sufficient Fund

Note: The P400 DM represents bank service charge

The P100, 000 CM represents the proceeds of the bank loan.

Required: 1. Prepare the bank reconciliation for the month of March.

2. Prepare the necessary adjusting journal entries on the books.

2. The following are taken from the books of Supra Grocers:

Cash Receipts Cash Payments

Mar 02 P20, 000 Chk. No. 301 P10, 000

Mar 09 40, 000 302 30, 000

Mar 10 20, 000 303 4, 000

Mar 16 80, 000 304 2, 000

Mar 23 40, 000 305 40, 000

Mar 30 70, 000 306 112, 000

P270, 000 307 6, 000

308 4, 000

P208, 000

Beginning balance of cash per general ledger is P112, 000

3. Sir Gawain Tradings bank statement for the month of January showed a balance per bank of P81, 000. Cash balance per general ledger is P77, 700 at the end of the month. Additional information for the month is as follows:

a. Bank statement has P1, 200 bank service charge.

b. Outstanding check as of January 31 amounted to P18, 000.

c. NSF check in the amount of P1, 680 was returned by the bank.

d. Cash receipt in the amount of P15, 600 recorded in the companys books on

September 30 does not appear on the bank statement.

e. A credit memo (CM) in the amount of P3, 780 represents a customers note

Collected by the bank in the amount of P3, 600 with accrued interest of P180.

Required: Prepare the bank reconciliation statement

4. Given the following information, compute the correct cash balance.

Balance per bank P22, 907.50

Balance per book 21, 336.00

Deposit in transit 1, 814.00

Outstanding check 3, 470.50

A check for P450 was recorded in the books as P540.

A debit memo (DM) for the check book amounted to P175

Correct cash balance: _________________

5. Poseidon Trading opened a current account with Ocean Bank on May 5 with an initial deposit of P498, 500. On May 31, the bank statement showed a balance of P575, 000. Deposits for May made by Poseidon Trading per cash receipts book is P175, 000 and checks issued for the same month amount to P99, 000. Per bank statement, total deposits for the month of December totalled P150, 000 and check paid by Traders Bank for the same month totalled P72, 000> Bank service charge for the month is P1, 500.

Required: Deposit in transit: ___________________

Outstanding check: _________________

Correct cash balance for Dec. 31: ___________________