Moluccas Corporation, your client, is a successful small business but has poor internal control. Its bookkeeper, Mando Rugas, handles cash receipts, makes small disbursements from the cash receipts, maintains accounting records, and prepares the monthly bank reconciliation.

The March 31, 2020 banks statement shows a cash balance of P 590,000 while the companys general ledger shows a cash balance of P 696,499.

At March 31, the following checks were outstanding: No. 7163 P 8,623; No. 7284 P 7,320; No. 7285 P 10,612; No. 8722 P 6,322; No. 8724 P 12,280; No. 8733 P 6,200.

Mando Rugas realizes that being the company cashier-accountant, he can easily misappropriate collections and conceal it. He removed all the cash on hand in excess of P 127,301. To conceal the theft, he prepared the following bank reconciliation.

Balance per books 696,499

Add: Outstanding checks

No. 8722 6,322

No. 8724 12,280

No. 8733 6,200 20,802

Total 717,301

Less: Cash on hand 127,301

Balance per bank 590,000

QUESTION 1: The cash taken by the cashier- accountant is

QUESTION 2: The amount of cash that should be on hand at November 15, 2020 is