Reference no: EM132902439
Questions -
Q1. You are given the following data for the month:
(a) Balance per bank, unadjusted - P300,000;
(b) Customer note and interest collected by bank in company's behalf - P30,000;
(c) Deposit-in-transit - 18,000
(d) Outstanding check - 45,000;
(e) Bank service charges - P1,120;
(f) The bank incorrectly charging our account for P25,000; and
(g) The company accountant incorrectly recording P16,500 cash sales, instead of 15,600.
How much is the adjusted balance per bank, under the adjusted balances method?
Q2. The accountant of Meg, Inc. prepared the following bank reconciliation dated July 31.
Balance per bank 539,000
Deposit in transit 22,000
Outstanding checks (77,000)
Balance per book 484,000
There were total credits of 357,500 and total debits of 495,000 for August per bank statement. All reconciliation items as at July 31 cleared the bank on August 31. Checks outstanding amounted to 55,000 on August 31.
How much was the cash disbursement per book in August?
Q3. The following data pertains to the records of NCT Corporation:
Balance per book, May 31 - 37,500
Book receipts for June (including May note collected by bank of 11,250) - 150,000
Book disbursements for June (including NSF of 4,250 and bank service charge of 850 for May) - 144,000
Balance per bank statement, May 31 - 67,200
Bank receipts for June (including customers note collected of 16,750) -127,500
Bank disbursements for June (including NSF check of 4,900) - 97,500
Deposit in transit, May 31 - 30,000
Outstanding checks, May 31 - 42,500
Compute for June 30 outstanding checks.
Compute for June 30 deposits in transit.
Q4. The Company has reported the following items under Cash:
Cash on hand - 124,000
Cash in bank (excludes legally restricted withdrawal of 100,000) - 850,000
180-day Certificates of Deposit - 50,000
How much is the correct cash balance?