Reference no: EM132846290
Question - The cash account of Derick Company on December 31, 2020 includes the following:
Cash on hand 500,000
Petty cash fund 20,000
Cash in bank 2,000,000
A. Cash on hand includes:
1) Customer check of P40,000 returned by the bank December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank January 5, 2021.
2) Customer check for P60,000 dated January 15, 2021 received December 22, 2020.
3) Postal money orders received from customers, P50,000
B. The petty cash fund consists of the following items:
Currency and coins 1,000
Employee's vales 3,000
Currency in envelope marked "collections for virtual Christmas party 2,000
Check drawn by Derick payable to cashier 14,000
C. Included among the checks drawn by Derick against its current account and recorded in December 2020 are:
1) Check at the amount of P100,000, written and dated December 22, 2020 and delivered to the payee on January 5, 2021.
2) Check at the amount of P150,000, written December 26, 2020 and dated January 31, 2021 delivered to the payee on December 26, 2020.
REQUIRED -
1) Compute the amount of cash on hand to be presented in the balance sheet at the end of December 31, 2020?
2) Compute the amount of petty cash fund to be presented in the balance sheet at the end of December 31, 2020?
3) Compute the amount of cash in bank to be presented in the balance sheet at the end of December 31, 2020?
4) Adjusting journal entries on December 31, 2020?
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