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How much is the outstanding checks for December

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Reference no: EM132837143

Question - NVG Company prepared in November 2020 a bank reconciliation, which can either be correct or incorrect:

Unadjusted balance per books 250,000

Add: Note collection including P10,000 interest 510,000

Error (JVG deposit) 50,000

Total 810,000

Less: November bank service charge 5,000

Deposit in transit 400,000

NSF checks 95,000 500,000

Adjusted Book Balance 310,000

Unadjusted balance per bank 550,000

Add: Error (JVG check) 300,000

Total 850,000

Less: Outstanding checks 400,000

Loan from bank 140,000 540,000

Adjusted Bank Balance 310,000

During December 2020, the following took place:

NVG Company's receipts amounted to P4,650,000 and its disbursement to P2,400,000.

The bank reported debits of P2,450,000 plus bank service charges of P50,000 and NSF checks of P200,000. It also reported credits of P4,500,000 including note collection of P100,000.

Bank erroneously recorded in December a deposit of JVG to NVG by P700,000.

All reconciling items for November 2020 were recorded in the books of the company and its bank.

Required - Prepare the bank reconciliation. Prepare the adjusting entries. Then, answer the following:

1. How much is the outstanding checks for December 2020?

2. How much is the deposit in transit for December 2020?

3. How much is the adjusted balance of cash in bank at the end of November 2020?

4. How much is the adjusted cash receipts for cash in bank?

5. How much is the adjusted cash disbursements for cash in bank?

6. How much is the adjusted balance of cash in bank on December 31?

Reference no: EM132837143

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