In your year-end audit of Marikit Corp., the cashier showed a cash accountability of P12, 000 as at December 31, 2019. Selected transactions of the corporation for 2019, in summary from follows:

Accounts written off P 5,000

Depreciation of fixed assets 30,000

Disbursement for cost and expenses 750,000

Income tax accrued 10,000

Payment of bank loan 40,000

Subscription receivable 300,000

Subscribed share capital 900,000

Proceeds from short-term bank loan 100,000

Purchases of fixed assets 450,000

Sales (80% collected in 2017) 700,000

REQUIRED: Answer the following and show your solution.

1. Determine the correct cash accountability at December 31, 2019.