Reference no: EM132945429
Question - The ledger cash account of CAO Company showed a balance of P1,565,000 on December 31,2019. The bank statement at the same date showed a balance of P2,000,000. Upon comparing the statement with the cash records, the following facts were determined:
a. A bank memo stated that CAO Company note for P 300,000 and interest of P15,000 had been collected on December 29, and the bank has made a charge of P2,000 on the collection. NO entry has been made in CAO Company's books when CAO Company's note was sent to the bank for collection.
b. Receipts for December 31 for P800,000 were not deposited until January 2.
c. Checks written and recorded had been presented for payment and canceled. This amount excludes November outstanding checks that had all cleared the bank in December.
d. The bank charged the CAO Company's account for a P250,000 note due on December 20, 2019.
e. A customer's check for P355,000 had been entered as P535,000 in the cash receipts journal by CAO Company on December 15.
f. Check NO.1000 in payment of merchandise purchases in the amount of P 18,000 had been entered in the cash book as P180,000.
g. Bank service charges for December amounted to P10,000.
Required - What is the amount of cash that should be shown in the December 31, 2019 statement of financial position?
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