On June 30, 2020, the bank statement of Bacon Company had an ending balance of P 3,735,000. The following data were assembled in the course of reconciling the bank balance:

The bank erroneously credited Bacon Company for P 21,000 on June 22

During the month, the bank charged back NSF checks amounting to P 23,000 of which P 8,000 had been redeposited by June 25

Collection for June 30 totalling P 103,000 was deposited the following month

Checks-outstanding on June 30 amounted to P 302,000

Note collected by the bank for Bacon Company was P 80,000 and the corresponding bank charge was P 5,000

What is the unadjusted cash in bank per ledger on June 30,2020?

answer and solution:

Faye Company prepared the following bank reconciliation on June 30:

Balance per bank9,800,000

Deposit in Transit400,000

Outstanding Checks(1,400,000)

Balance per book8,800,000

There were total deposits of 6,500,000 and charges for disbursement of 9,000,000 for July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Checks outstanding amounted to 1,000,000 on July 31.

What is the amount of cash disbursement per book in July?

answer and solution:

Ace company provided the following information on December 31, 2020:

Petty cash fund50,000

Current account - First Bank4,000,000

Current account - Second Bank( 250,000)

Money market placement - Third Bank1,000,000

Time deposit - Fourth Bank2,000,000

The petty cash fund included unreplenished December 2020 petty cash expense vouchers for 15,000 and an employee check for 5,000 dated January 31, 2021.

A check for 100,000 was drawn against First Bank current account dated January 31, 2021.

The Fourth Bank time deposit is set aside for land acquisition in early January 2021.

What total amount should be reported as cash and cash equivalents on December 31, 2020?

answer and solution: