Reference no: EM133064808
Question - The following information was provided by BALANCERIGHT Corp. as of the fiscal year ended September 30, 2020:
|
|
August 31
|
September 30
|
|
Loan proceeds directly credited by the bank
|
P200,000
|
P250,000
|
|
Note payable payment by the bank
|
120,000
|
80,000
|
|
Undeposited collections
|
450,000
|
???
|
|
Outstanding checks
|
180,000
|
???
|
|
Total credits per bank statement
|
|
1,955,000
|
|
Total debits per bank statement
|
|
1,655,000
|
|
Total debits per books
|
|
1,795,000
|
|
Total credits per books
|
|
1,800,000
|
Additional information:
A P100,000 collections was erroneously recorded twice in the books in September, the company discovered the error and corrected the same immediately in September
A P50,000 disbursement check was recorded in the books as P5,000 in August. The correction was made in September
The bank erroneously credited the company P80,000 in August for a collection of NOTBALANCED Corp. the bank corrected the error in September.
The unadjusted balance per book in August was at P640,000. The unadjusted balance per bank in September was at P785,000
Required -
1. What is the correct cash in bank balance as of August 31, 2020?
2. What is the correct deposit in transit as of September 30?
3. What is the correct outstanding check as of September 30?
4. What is the correct cash in bank balance as of September 30?