1. Shown below is the bank reconciliation for Mat Company for November 20x7:

Balance per bank, Nov 30, 20x7		P 300,000
Add: Deposits in transit		48,000
Total		348,000
Less: Outstanding checks	P 56,000
Bank credit recorded in error	20,000	76,000
Cash balance per books, Nov 30, 20x7		P 272,000

The bank statement for December 20x7 contains the following data:

• Total deposits amounted to P220,000;
• Total charges (including an NSF check of P16,000 and a service charge of P800) amounted to P192,000

All outstanding checks on November 30, 20x7, including the bank credit, were cleared in the bank 1n December 20x7.

There were outstanding checks of P60,000 and deposits in transit of P72,000 on December 31, 20x7.

The adjusted cash in bank balance as of December 31, 20x7 is