What the correct cash balance to be shown in the company

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Reference no: EM132821091

Question - Timber Company provided the following data for the purpose of reconciling the cash balance per book

Balance per book P170,000

Outstanding checks (including certified check of P20,000) 100,000

Deposit in transit 140,000

December NSF checks (of which P10,000 had been re-deposited and cleared on Dec. 27) 30,000

Erroneous credit to Timber's account representing proceeds of loan granted to another company 60,000

Proceeds of note collected by bank for Timber, net of service charge of P4,000 150,000

Erroneous bank charge 8,000

A check of P5,000 in payment of account was recorded by the company as 500

Required - What the correct cash balance to be shown in the company's December 31, 2020 statement of financial?

Reference no: EM132821091

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