Reference no: EM132780188
Question - Information about Samsung Company's cash in bank for the year ended December 31, 2020 was presented below:
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|
Nov. 30
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Dec. 31
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|
Cash balance per book
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P258,600
|
P420,150
|
|
Cash per bank statements
|
400,500
|
530,600
|
|
Deposit in transit
|
23,100
|
20,450
|
|
Outstanding checks
|
13,400
|
11,320
|
|
Bank service charges
|
300
|
420
|
|
Insufficient fund check
|
2,500
|
7,600
|
|
Company's notes receivable collected by bank
|
160,300
|
109,400
|
The bank statement and the company's cash records show the following totals:
Checks and debit memos per bank statement P188,200
Cash receipts per cash record 343,350
Cash disbursements per cash records 181,800
Deposits and credit memos per bank statement 318,300
Additional information:
1. A P5,000 bank debit error in November was corrected by the bank in December, while a P2,000 check collection in December deposited by Samyang Company was erroneously credited by the bank to the company's account in December.
2. An P18,000 customer collection was debited in the book for P1,800.
3. The book credited a check payment to a supplier made in November at P5,600. The correct amount of the check is P6,500. This was corrected in December.
Required - What is the adjusted cash balance in November?