Reference no: EM133173647
Question - Jane Company provided following information at month end:
Cash in bank per bank statement 8,000,000
Deposit in transit 1,200,000
Outstanding checks, including certified check of 200,000 1,500,000
Amount of erroneously credited by bank to Janes account 150,000
Note collected by bank for Jane Company, including Interest of P100,000 1,100,000
Service charge for the current month 20,000
NSF checks of customers returned by bank 500,000
Error in recording check in the book. The correct amount as Paid by the bank is 100,000 instead of 200,000 as recorded in the book 100,000
Saving deposit in other bank closed by BSP 1,000,000
Currency and coins on hand 900,000
Petty cash fund 50,000
Required -
1. What is the adjusted cash in bank at month-end?
2. What is the unadjusted cash in bank per ledger at month-end?
3. What total amount of cash should be reported as current asset?
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