Question
Hot Company prepared the following bank reconciliation for the month of November: Balance per bank statement - November 30 P3,600,000 Add: Deposits in transit 800,000
Hot Company prepared the following bank reconciliation for the month of November:
Balance per bank statement - November 30
P3,600,000
Add: Deposits in transit
800,000
Total
4,400,000
Less: Checks outstanding
P1,200,000
Bank credit recorded in error
200,000
1,400,000
Balance per book - November 30
P3,000,000
Data per bank statement for the month of December:
December deposits, including notes receivable collected ofP1,000,000 for Hot Company
P5,500,000
December disbursement, including NSF check P 350,000and service charge P 50,000
4,400,000
All items that were outstanding on November 30 cleared through the bank in December, including the bank credit.
In addition, checks of P 500,000 were outstanding and deposits of P 700,000 were in transit on December 31.
What is the adjusted cash in bank on December 31?
What is the amount of cash receipts per book in December?
What is the amount of cash disbursements per book in December?
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