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What is the correct cash receipts amount for the month

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Question: HIRO Company provided you its June bank statement for its PNB demand account. The beginning balance, total debits and total credits are P350,000, P2,800,000 and P2,850,000 respectively. Checks disbursed by the company last month that cleared this month totaled P250,000 while checks issued this month but still outstanding amount to P350,000. Deposit in transit at the beginning and end of the month total P200,000 and P350,000, respectively. The bank also returned P30,000 which it incorrectly charged against the HIRO bank account during May. What is the correct cash receipts amount for the month?

Reference no: EM132756210

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