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What is the correct cash balance

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Reference no: EM132720609

Problem - The cash balance of Dapitan Company consist of the following on December 31, 2017:

Cash on hand, including customer postdated check of P50,000 - P550,000

Cash in bank, net of bank overdraft of P20,000 in a checking account with another bank - 350,000

Petty cash, including IOU from employee of P13,000 - 20,000

Savings deposits, earmarked for acquisition of machinery - 350,000

Required - What is the correct cash balance?

Reference no: EM132720609

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