Reference no: EM132727016

Hot Company prepared the following bank reconciliation for the month of November:

Balance per bank statement - November 30 P3,600,000

Add: Deposits in transit 800,000

Total 4,400,000

Less: Checks outstanding P1,200,000

Bank credit recorded in error 200,000

                                      1,400,000

Balance per book - November 30 P3,000,000

Data per bank statement for the month of December:

December deposits, including notes receivable collected of P1,000,000 for Hot Company     P5,500,000

December disbursement, including NSF check P 350,000 and service charge P 50,000           4,400,000

• All items that were outstanding on November 30 cleared through the bank in December, including the bank credit.
• In addition, checks of P 500,000 were outstanding and deposits of P 700,000 were in transit on December 31.

Problem 1: What is the adjusted cash in bank on December 31?

Problem 2: What is the amount of cash receipts per book in December?

Problem 3: What is the amount of cash disbursements per book in December?