The "Cash" account in the ledger of Albano Jr. Company on December 31, 2014 had a balance of P1,640,000. An examination of the account disclosed the following:

1. The sales book was left open up to January 10, 2015 and cash sales totaling P285,200 were considered as cash sales in 2014.

2. Checks of P19,300 in payable of utilities were prepared before December 31, 2014 and recorded in the books on the same date, but mailed or delivered only on January 5, 2015.

3. Customers' checks with January 2015 dates totaling P57,800 are being held by the cashier and were included as part of cash on December 31, 2014. The company's experience shows that postdated checks are eventually realized.

4. Customer's check for P32,500 deposited with the bank on December 15, 2014 was returned on December 18, 2014. The return was not recorded in the book.

5. The cash account includes P230,000 set aside for payment of dividends.

6. The cash account includes a check received from a customer in May 2014 for P3,500, which the company failed to deposit. Verification from customer reveals that the amount will eventually be realized.

7. The cash account includes change fund amounting to P5,000. When the fund was counted, only P4,450 was found.

8. The cash account includes P400,000 fund for payroll.

9. The cash account includes petty cash fund amounting to P20,000. The fund was replenished last December 24, 2014. When the fund was counted on January 3, 2015, the following were found:

Bills and coins P13,000

Vouchers with December 2014 dates 5,500

Vouchers with January 2015 dates 1,200

10. An examination of the company's sales invoice revealed that P13,500 check was received on December 30, 2014 from sale of scrap materials. The amount cannot be traced from the cash receipts book but was verified to have been deposited to the bank.

1. For each of the above items, prepare the necessary audit adjustment to bring the cash account to its correct balance as of December 31, 2014.

2. Determine the correct amount of cash to be presented on December 31, 2014 Statement of Financial Position.