What correct cash balance under current assets on December

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Reference no: EM132829128

Question - The following information is made available while checking the cash accounts of Aeron Company on December 31, 2019:

Balance per book 7,100,000

Balance in checking account 7,000,000

Deposit in transit 1,200,000

Outstanding checks 1,500,000

Deposit in other bank closed by BSP 1,500,000

Currency and coins on hand 600,000

Petty cash fund 50,000

DAIF checks of customers returned by bank 500,000

Error in recording a check in the book. The correct amount as paid by the bank is P100,000 instead of P200,000 as recorded in the book 100,000

Required - What the correct cash balance under current assets on December 31, 2019?

Reference no: EM132829128

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