Reference no: EM132910511
Question - Espanya Company had the following in its record:
Cash on hand-undeposited collections 1,500,000
Change fund 70,000
Time deposit for plant expansion 1,000,000
Postage stamps unused 10,000
Petty cash fund of 30,000 with the following summary on December 31, 2018:
Coins and currency 5,000
Petty cash voucher 23,000
Return value of 20 cases of softdrinks 2,000
A check of P23,000 was drawn on December 31, 2018 payable to petty cash custodian.
On December 31, 2018, the company had a checkbook balance of P8,000,000 and held the following in the safe:
Check payable to Espanya, dated January 5, 2019, not included in December 31 checkbook balance 2,000,000
Check payable to Espanya deposited December 10 and included in December 31 checkbook balance, but returned by bank on December 14 stamped "DAIF". The check was redeposited December 20 and cleared December 27 500,000
Check drawn on Espanya's account payable to supplier dated but unrecorded as at December 31 and not mailed until January 3, 2019 1,500,000
Required - What is the amount of cash to be reported on December 31, 2018?
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