Reference no: EM132999640
Question - Cash composition On December 31, 2018, Game Naba-a Co's Cash account balance per ledger of P4,000,000 includes:
Demand deposit 2,200,000
Undeposited collection 300,000
Time deposit-30 days 500,000
NSF check of customer 20,000
35-day money market placement due 1/28/2019 300,000
45-day commercial papers due 2/4/2019 80,000
Savings deposit in closed bank 50,000
IOU from an employee 150,000
Preferred redemption fund 400,000
Total 4,000,000
Additional information:
a. Included in the demand deposit of P2,500,000 was a customer check amounting to P50,000 dated January 25, 2019.
b. Also included in the demand deposit is a customer check amounting to P90,000 dated December 31, 2017. Game Naba-a Co's neglected to encash the check. On December 2018, the customer was informed and he was willing to replace this with a new one. New check is yet to be received from the customer.
c. Check of P60,000 dated January 31, 2019 in payment of accounts payable was recorded and mailed December 31, 2018.
d. Check of P70,000 in payment of accounts payable was recorded on December 31, 2018 but mailed to the creditors on January 15, 2019.
e. The company used the calendar year. The cash receipts journal was held open until January 15, 2019, during which time P80,000 was collected and recorded on December 31, 2018. Required:
Required -
a. Make the adjusting entries to correct the cash account.
b. Compute the cash and cash equivalents to be shown on December 31, 2018 Statement of Financial Position.
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