Reference no: EM132787131
The following items are provided by Ayala Land Inc. regarding the bank reconciliation of one of its current accounts in the Bank Philippine Islands for the year ended December 31, 2020:
Ayala Land Inc. Bank Statement Balance 3,000,000
Current Account in BPI Bank 2,500,000
Bank Service Charge for the year 2020 200,000
Note Receivable Collected by Bank 300,000
NSF Check from Ayala Land Inc.'s Customer 400,000
Interest on Note Receivable 100,000
Pre-authorized payment for electric bill (Ayala Land Inc. authorized BPI
to automatically pay its electric bill as submitted directly to BPI) 300,000
Outstanding check (including P100,000 certified check by BPI's manager) 400,000
Deposit in Transit 1,000,000
Check of P300,000 drawn and issued to a supplier
but recorded by Ayala Land Inc. as P200,000 100,000
Ayala Corporation's Deposit credited by BPI to Ayala Land Inc. 500,000
Notes Payable of Ayala Property Management charged by BPI to Ayala Land Inc. 300,000
Time deposit of Ayala Land Inc. of P1,000,000 matures on Dec. 31, 2020
and credited by BPI to Ayala Land. Inc. Account on that date 500,000
Note: The bank has not committed any error during 2020 except those specifically stated above. Any remaining difference after reconciliation pertains to the cash shortage resulting from the cashier and accountant's defalcation of the company's cash.
Required:
Problem 1: Based on the result of your audit, determine the following as of December 31, 2020:
I. Adjusted balance per bank
II. Adjusted balance per book
III. Cash shortage arising from the cash defalcation by the company's cashier and accountant
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