Reference no: EM132853589
Question - Margaret Company keeps all its cash in a checking account. An examination of the entity's accounting records and bank statement for the month ended December 31, 2018revealed a bank statement balance of P18,969,000 and book balance of P19,210,000.
A deposit of P1,450,000 placed in the bank's night depository on December 31, 2018 does not appear on the bank statement. Checks outstanding on December 31, 2018 amount to P770,000 of which P70,000 had been certified.
The bank statement shows that on December 26, 2018, the bank collected a note for Margaret Company and credited the proceeds of P1,936,000 to the entity's account. The proceeds included P36,000 interest, all of which Margaret Company earned during the current period. Margaret Company has not yet recorded the said collection.
Margaret Company discovered that check number 1000759 written in December 2018 for P1,930,000 in payment of an account P1,390,000. Included with the December 31, 2018 bank statement was an NSF check for P840,000 that Margaret Company had received from Ana company on December 20, 2018. Margaret Company has not yet recorded the returned check. The bank statement shows a P47,000 service charge for December.
Required - Compute the adjusted cash balance on December 31, 2018.
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