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Find the correct cash and cash equivalent

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Question - The cash account of TAKE THIS SUBJECT SERIOUSLY on December 31, 2020 has a balance of P462,000 and it consists of the following:

Balance in Savings Account with a bank closed by BSP P72,000

Bills and coins on hand 105,560

Checking account balance in BPI 44,000

Credit Memo from suppliers for purchase returns 13,000

Customer's check dated January 15, 2020 16,000

Customer's check dated January 16, 2021 60,000

Customer's check returned on 12/21/2020 for lack of sufficient fund 100,000

IOU of an employess 800

Money Order 1,600

Petty cash including paid cash vouchers of P1,650 4,000

Postage stamps 240

Traveller's check 44,800

TOTAL P462,000

Required - Find the correct cash and cash equivalent to be presented on Statement of Financial Performance on December 31, 2020?

Reference no: EM132728130

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