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Problem 2 On your examination of the financial statements of Van Angelo Reyes Group Company for The year ended December 31, 2020 you obtained the

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Problem 2 On your examination of the financial statements of Van Angelo Reyes Group Company for The year ended December 31, 2020 you obtained the following information on the checking account of the company > The bank statement on November 30, 2020 showed a balance of Php1,530,000. Among the bank credits in November was customer's note for Php500,000 collected for the account of the company which the company recognized in December among its receipts. Included in the bank debits were cost of checkbooks amounting to Php600, Php5,400 returned check due to DAUD and Php200,00 check was charged by the bank in error against Van Angelo Reyes Group Co. account. Also in November , you ascertained that there were deposits in transit amounting to Php400,000 and outstanding checks totaling Php850,000. The bank statement for the month of December showed a total credits of Php2,080,000 and total charges of Php1,020,000. Company books for December showed total receipts of Php3,678,000 and disbursements of Phpp2,036,000. Bank debit memos for December were: No. 418 for service charges, Php800 and No. 504 on a customer's returned check marked "Refer to Drawer" for Php127,200 The bank error of Php200,000 in November was corrected by the bank in December. > On December 29, 2020 the company placed with the bank a customer's promissory note with a face value of Php600,000 for collection. The company treated this note as part of its receipts although the bank was able to collect on the note only in January 2021. > AS check for Php 19,800 was recorded in the company cash payment book in December as Php 198,000. Required: 1. Prepare a four (4) column bank reconciliation statement for the month of December, 2020 for Van Angelo Reyes Group Company. Use Adjusted balance method. (20pts) Nov 30 December Dec 31 Receipts Disbursements Balance per bank Adjusted Bank Balance Balance per book Adjusted Book Balance2. Present computations of a. Deposit in transit, December 31, 2020 (5 pts.) b. Outstanding checks, December 31, 2020 (5 pts)

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