Reference no: EM133070596
Questions -
Q1. In reconciling the Cash in bank of Kiwi Company with the bank statement balance for the month of November 2019, the following data are summarized:
Book debits for November, including October CM for note collected, P60,000 - P800,000
Book credits for November, including NSF of P20,000 and service charge of P800 for October - P620,000
Bank credits for November including CM for November for bank loan of P100,000 and October deposit in transit for P80,000 - P700,000
Bank debits for November including October outstanding checks of P170,800 and November service charge of P200 - P600,000
What is the amount of outstanding checks for November?
A. P20,000
B. P170,200
C. P171,000
D. P191,000
Q2. Information pertaining Rambutan Company appears below:
Balance per bank statement July 31 - P6,200,000
Balance per ledger, July 31 - P3,750,000
Deposit of July 30 not recorded by bank - P1,400,000
Debit memo - service charges - P50,000
Credit memo - collection of not by bank for Rambutan - P 1,500,000
Outstanding checks ?
An analysis of the canceled checks returned with the bank statement reveals the following:
Check for purchase of supplies was drawn for P300,000 but was recorded as P200,000.
The management wrote a check for traveling expenses of P500,000 while out of town. The check was not recorded.
What is the amount of outstanding checks on July 31?
A. P4,600,000
B. P2,500,000
C. P2,800,000
D. P3,000,000
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