Question1:

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 P23,000 if which P8,000 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 P302,000

Note collected by the bank for Bacon Company was P80,000 and the corresponding bank charge was P5,000

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

Question 2:

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 P6, 500,000 and charges for disbursement of P9, 000,000 for July per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Checks outstanding amounted to P1, 000,000 on July 31.

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

Q3:

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

Petty cash fund 50,000

Current account - First Bank4, 000,000

Current account - Second Bank(250,000)

Money market placement - Third Bank 1, 000,000

Time deposit - Fourth Bank2,000,000

The petty cash included unreplenished December 2020 petty cash expense vouchers for P15,000 and an employee check for P5,000 dated January 31, 2021

A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 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?

Q4:

Oust the Turtle Company had the following account balances on December 31, 2020:

Cash in Bank A - rank and file payroll account 200,000

Cash in bank B - savings account123,456

Cash in bank C - checking account2,500,555

Cash in bank D - savings account 2,000

Cash in bank E - checking account676,777

Cash in bank F - managerial payroll account 711,711

Cash in bank E was set aside for plant expansion planned to start on January 15, 2021. Cash in bank C was used on February 14, 2021 to buy land.

How much should be reported as cash on December 31, 2020?

Q5:

Oust the Turtle Company had the following account balances on December 31, 2020:

Cash in Bank A - rank and file payroll account 200,000

Cash in bank B - savings account123,456

Cash in bank C - checking account2,500,555

Cash in bank D - savings account 2,000

Cash in bank E - checking account676,777

Cash in bank F - managerial payroll account 711,711

Cash on bank C is set aside for payment of bonds payable acquired on October 14, 2014, due on December 21, 2021

Cash in bank E is segregated for purchase of inventories

How much should be reported as cash on December 31, 2020?

Q6:

Oust the Turtle Company had the following balances on December 31, 2020:

Cash on hand4,500,000

Cash in bank A33,000,000

Cash in bank X50,000,000

Cash in bank C822,999.72

Cash on hand includes $3. Exchange rate on balance sheet date is P50.25: $1.

Oust the Turtle Company wrote a check (Cash in bank A) worth P20,000 dated December 30, 2020 but is still unreleased as of balance sheet date.

Oust the Turtle Company released a check (Cash in bank X) dated January 1,2021 worth P55,000 on December 30, 2020.

Oust the Turtle Company wrote a check (Cash in bank C) worth P2,001.28 dated and released on December 31, 2020.

How much is Oust the Turtle Company's cash on December 31,2020? (Use two decimal playes for centavos)

Q7:

Oust the Turtle Company had the following account balances on December 31, 2020:

Cash in Bank A - rank and file payroll account 200,000

Cash in bank B - savings account123,456

Cash in bank C - checking account2,500,555

Cash in bank D - savings account 2,000

Cash in bank E - checking account676,777

Cash in bank F - managerial payroll account 711,711

Cash on bank B is set aside for purchase of vehicles

Cash in bank A is frozen by the court by virtue of a case filed by the Bureau of Internal Revenue

How much should be reported as cash on December 31, 2020?

Q8:

Oust the Turtle Corporation's petty cash fund, which has an imprest balance of P5,000 showed a composition when counted as follows:

Bills1,000

Coins40

Vouchers - Transportation 1,200

Vouchers - Gasoline 889

Vouchers - Supplies 1,872

How much is petty cash fund?

Q9:

In connection with your audit of Big Brother Corp. for the year ended December 31, 2014, you gathered the following information:

Current account at Bank of the Philippine Islands6,000,000

Current account at Equitable PCI Bank(300,000)

Payroll Account1,500,000

Foreign Bank account - restricted (in USD) **60,000

Postage Stamps3,000

Employee's post dated checks12,000

IOU from a key officer30,000

Credit menu from a vendor for a purchase return60,000

Traveller's Check150,000

Customer's not-sufficient-funds check 45,000

Money Orders90,000

Petty Cash fund (P12,000 in currency and expense vouchers for P17,500) 30,000

Treasury bills, due 3/31/15 (purchased 12/31/14)600,000

Treasury bills, due 1/31/15 (purchased 1/1/14)900,000

Charge fund 10,000

Bond sinking fund1,000,000

**current exchange rate as of December 31, 2014 is at P50 for every USD1.

What is the total cash and cash equivalentto be reported by the company in its December 31, 2014 balance sheet?