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?