Balance per bank statement P 315,000 Add : Deposit in transit P 157,725 Note collected by bank 13,500 171,225 Balance P 486,225 Less : Outstanding checks 222,075 Balance per general ledger P 264,150 In the process of your audit, you gathered the following: a. At December 31, 2008, the bank statement and the general ledger showed balances of P315,000 and P264,150 respectively. b. The cut off bank statement showed a bank charge on January 02, 2009 for P35,250 representing a correction of an erroneous bank credit. c. Included in the list of outstanding checks were the following: 1. A check payable to a supplier, dated December 29, 2008, in the amount of P13,275, released on January 05, 2009. 2. A check representing advance payment to a supplier in the amount of P33,489, the date of which is January 04, 2009, and released in December 2008. d. On December 31, 2008, the company received and recorded customer's postdated check amounting to P45,000.

4. Compute the adjusted deposit in transit as of December 31, 2008.

a.P157,725 b.P112,725 c.P202,725 d.P112,500

5. Compute the adjusted outstanding checks as of December 31, 2008.

a.P222,075 b.P235,350 c.P255,564 d.P175,311

6. Compute the adjusted cash to be presented in the balance sheet as at Dec. 31, 2008.

a.P211,914 b.P225,414 c.P238,914 d.P279,414