Reference no: EM132529717
Question - Sobrang Dali Promise Company had the following items at the end of the current year:
Cash in bank per bank statement at current month - end 1,500,000
Equity investment at Fair Value through Profit and Loss 1,700,000
3-year time deposit purchased 2 months prior to maturity 1,200,000
Credit memo authorizing return of goods to vendor 550,000
Cash fund set aside to acquire equipment next year 500,000
Cash surrender value 150,000
A review of the records revealed that outstanding checks and deposits in transit were P900,000 and P600,000, respectively. The bank statement at month-end showed debut memo for service charge P20,000, NSF check P180,000 and credit memo for loan proceeds P600,000 and note collected P300,000.
1. What is the cash in bank balance per ledger?
a. 1,100,000
b. 500,000
c. 1,400,000
d. 300,000
2. What is the adjusted cash in bank?
a. 2,200,000
b. 1,900,000
c. 1,800,000
d. 1,200,000
3. What amount should be reported as cash and cash equivalents?
a. 2,900,000
b. 3,000,000
c. 2,400,000
d. 2,700,000
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