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What is the cash balance per books at August

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Reference no: EM133056930

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Q1. In August 31 bank statement of Guyabano Inc. showed a balance of P113,000. Deducted in arriving at this amount was customer's NSF check for P2,400 that had been returned. Guyabano had received no prior notice concerning this check. In addition to the bank statement, other records showed there were deposits in transit totaling P17,200 and that outstanding checks totaled P10,800. What is the cash balance per books at August 31 (prior to adjustments)

A. P115,400

B. P117,000

C. P119,400

D. P121,800

Q2. The following bank reconciliation is presented for the Melon Co. for the month of November 2019:

Balance per bank statement, 11/30/19 P360,800

Add: Deposit in transit P83,000

Erroneous bank charges 30,000 113,000

Subtotal P473,800

Less: Outstanding checks 156,400

Balance per books, 11/30/19 P317,400

Data for the month of December 2019 follows:

Per bank: December deposits/credits P522,000

December charges/debits 448,400

Balance, December 31, 2019 434,400

All items that were outstanding as of November 30 cleared through the bank in December, including the bank charge. In addition, P50,000 in checks were outstanding as of December 31, 2019. What is the amount of cash receipts per books in December 2019?

A. P409,000

B. P439,000

C. P492,000

D. P635,000

Reference no: EM133056930

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