Reference no: EM132637762
Questions -
Q1. Lovable Company prepared the following bank reconciliation on June 30:
Balance per bank statement, June 30 3,000,000
Deposit in transit 400,000
Total 3,400,000
Outstanding checks (900,000)
Balance per book, June 30 2,500,000
The bank statement for the month of July showed the following:
Deposits, including note collected for Lovable 9,000,000
Disbursements, p 140,000 NSF Check and P 10,000 service charge 7,000,000
All reconciling items on June 30 cleared through the bank in July.
The outstanding checks totaled P 600,000 and the deposit in transit amounted to P 1,000,000 on July 31.
QUESTIONS:
1. What is the adjusted cash in bank on July 31?
A. P 5,000,000
B. P 5,200,000
C. P 5,500,000
D. P 5,400,000
2. What is the cash balance per book on July 31?
A. P 5,400,000
B. P 5,350,000
C. P 5,550,000
D. P 4,500,000
3. What is the amount of cash receipts per book in July 31?
A. P 9,400,000
B. P 9,600,000
C. P 8,600,000
D. P 9,800,000
4. What is the amount of cash disbursements per books in July?
A. P 6,550,000
B. P 6,700,000
C. P 7,300,000
D. P 6,850,000
Q2. Loquacious Company prepared the following bank reconciliation on June 30.
Balance per bank 9,800,000
Deposit in transit 400,000
Outstanding checks (1,400,000)
Balance per book 8,800,000
There were total deposits of P 6,500,000 and charges for disbursements of P 9,000,000 for July per bank statements.
All reconciliation items on June 30 cleared the bank on July 31. Deposit in transit totaled P 600,000 and checks outstanding amounted to P 1,000,000 on July 31.
QUESTIONS:
1. What is the adjusted cash in bank on July 31?
A. P 7,300,000
B. P 7,900,000
C. P 6,900,000
D. P 6,300,000
2. What is the cash balance per book on July 31?
A. P 6,900,000
B. P 7,300,000
C. P 6,300,000
D. P 8,800,000
3. What is the amount of cash receipts per book in July?
A. P 6,700,000
B. P 6,500,000
C. P 6,300,000
D. P 7,100,000
4. What is the amount of cash disbursements per book in July?
A. P 8,600,000
B. P 7,600,000
C. P 9,400,000
D. P 8,400,000
Q3. Opaque Company prepared the following bank reconciliation on March 31:
Balance per bank statement, March 31 4,650,000
Deposit in transit 1,000,000
Total 5,650,000
Outstanding checks (1,250,000)
Balance per book, March 31 4,400,000
Data per bank statement for the month of April follow:
Deposit 6,900,000
Disbursements 5,00,000
All reconciliation items on March 31 cleared through the bank in April.
Outstanding checks on April 30 totaled P 750,000 and deposits in transit amounted to P 1,500,000.
Questions:
1. What is the adjusted cash in bank on April 30?
A. P 5,650,000
B. P 7,150,000
C. P 4,650,000
D. P 6,400,000
2. What is the cash balance per ledger on April 30?
A. P 6,400,000
B. P 5,650,000
C. P 4,900,000
D. P 4,650,000
3. What is the amount of cash receipts per book in April?
A. P 5,000,000
B. P 6,500,000
C. P 7,500,000
D. P 5,500,000
4. What is the amount of cash disbursement per book in April?
A. P 5,000,000
B. P 5,500,000
C. P 4,500,000
D. P 5,750,000