Reference no: EM132652703
Question - In your year-end audit of Marikit Corp., the cashier showed a cash accountability of P12, 000 as at December 31, 2019. Selected transactions of the corporation for 2019, in summary from follows:
Accounts written off P5,000
Depreciation of fixed assets 30,000
Disbursement for cost and expenses 750,000
Income tax accrued 10,000
Payment of bank loan 40,000
Subscription receivable 300,000
Subscribed share capital 900,000
Proceeds from short-term bank loan 100,000
Purchases of fixed assets 450,000
Sales (80% collected in 2017) 700,000
REQUIRED - Answer the following and show your solution. Determine the correct cash accountability at December 31, 2019.
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