Reference no: EM132836985
Question - Aqua Company keeps all its cash in a checking account. An examination of the entity's accounting records and bank statement for the month ended June 30, 2018 revealed the following information:
The bank statement shows on June 30, the bank collected note for Aqua Company and credited the proceeds of P250,000 to the Company's account.
Included with the June bank statement was NSF check for P50,000 that Aqua Company had received from a costumer on June 26.
Checks outstanding on June 30 amount to P90,000.
The cash balance per book on June 30 is P7, 500,000.
A deposit of P 100,000 that was Placed in the bank
Aqua Company discovered that a check written on June for P200,000 in payment of an account payable, had been recorded in entity's records as P20,000.
The bank statements show a P20,000 service charge for June.
Required -
What is the cash in bank to be reported in the statement of financial position on June 30, 2018?
What is the bank balance for the month of December per bank statement?
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