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E-flu Company has a current account in Metrobank. Your audit of the company's cash account reveals the following: a. Balances taken from the company's general ledger: Cash balance, November 30, 2007 P637,860 Cash balance, December 31, 2007 576,420 Receipts, December 1-31, 2007 306,220 b. Outstanding checks, November 30, 2007 (P26,140 was paid by bank in December) 64,140 c. Checks written and recorded in December, not included in the checks returned with the December bank statement 36,080 d. Deposit in transit, November 30, 2007 15,260 e. Deposit in transit, December 31, 2007 16,140 f. A bank credit memo was issued in December to correct an erroneous charge made in November 1,500 g. Note collected by bank in December (company was not informed of the collection) 2,060 h. A check for P2,020 (payable to a supplier) was recorded in the Check Register in December as P3,000 980 i. A check for P2,240 was charged by the bank as P2,420 in December 180 i. Bioflu Company issued a stop payment order to the bank in December. This pertains to a check written in December which was not received by the payee. A new check was written and recorded in the Check Register in December. The old check was written off by a journal entry, also in December Bank service charge, November 30, 2007 60 1. The total outstanding checks on December 31, 2007, should be a. P38,000 b. P74,080 c. P36,080 d. P62,220 e. other amount 2. What is the bank statement balance on November 30, 2007? a. P684,400 b. P587,420 c. P685,180 d. P688,180 e. other amount 3. What is the bank statement balance on December 31, 2007? a. P636,440 b. P637,220 c. P637,580 d. P637,160 e other amount 4. The total bank receipts for the month of December should be: a. P309,680 b. P304,000 c. P308,900 d. P308,120 e. other amount 5. The total bank disbursements for the month of December is: a. P356,080 b. P356,860 c. P357,640 d. P356,200 e other amount 780 Suggested answers: 1 b 2c 36 4d 5 NEED SOLUTIONS THANKS