Reference no: EM132768958

In connection with your audit of Jojo Corporation for the year ended December 31, 2018, you gathered the following:

Current account at Metrobank P2,000,000

Current account at BPI (100,000)

Payroll account 500,000

Foreign bank account - restricted (in equivalent pesos) 1,000,000

Postage stamps 1,000

Employees post-dated check 4,000

IOU from controller's sister 10,000

Credit memo from a vendor for a purchase return 20,000

Traveler's check 50,000

Not- sufficient-funds check 15,000

Money order 30,000

Petty cash fund (P4,000 in currency and expense receipts for P6,000) 10,000

Treasury bills, due 3/30/19 (purchased 12/29/18) 200,000

Treasury bills, due 1/31/19 (purchased 2/1/18) 300,000

Problem 1: Based on the above information and the result of your audit. Compute for the cash and cash equivalents that will be reported on the December 31, 2018 statement of financial position.