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What is the adjusted cash in bank balance on November

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Reference no: EM133063049

Question - Shown below is the bank reconciliation for Cheerful Company for October 2019: Balance per bank, October 31, 2019 P1,500,000

Add: Deposits in transit 240,000

Total 1,740,000

Less: Outstanding checks P280,000

Bank credit recorded in error 100,000

Total 380,000

Cash balance per books, October 31, 2019 P1,360,000

The bank statement for November 2019 contains the following data:

Total deposits P1,100,000 Total charges, including an NSF check of P80,000 and a service charge of P4,000 960,000

All outstanding checks on October 31, 2019, including the bank credit, were cleared in the bank in November 2019.

There were outstanding checks of P300,000 and deposits in transit of P380,000 on November 30, 2019.

Required - What is the adjusted cash in bank balance on November 30, 2019?

Reference no: EM133063049

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