BANK RECONCILIATION

PERFORMANCE 4: Read and analyze the problem below and compute for what is being asked. If the space provided is not enough, use the back portion. (6 items, 30 points) 30 Andres Hernandez, single dad with 3 children, has a monthly salary of P 36,475.00. In addition, he receives a monthly cost of living allowance (COLA) of P 8,500.00. On December 31, he receives a 13th month pay equal to his monthly salary and a rice subsidy of P 500.00 (taxable-excess of the P1,500 limit). The total monthly deductions on his salary are as follows: SSS Contribution P 1,700.00 Pag-IBIG Contribution 1,000.00 PhilHealth Contribution 638.31 Withholding Tax 5,570.00 Required: Compute for the following: 1. Net Taxable Income using the NIRC 2. Income Tax Due using the NIRC 3. Income Tax Payable/(Refund) using the NIRC 4. Net Taxable Income using the TRAIN Law 5. Income Tax Due using the TRAIN Law 6. Income Tax Payable/(Refund) using the TRAIN LawPERFORMANCE TASK 3: Read and analyze the problem below. (1 item, 40 points) Presented below is the bank statement/statement of account of Proverbs Merchandising received from Book Bank: 30 Book Bank La Trinidad, Benguet Proverbs Merchandising Account Number: 098-765-4321 Tublay, Benguet August 30,2021 Date Debits Credits Balance Nov. 30 517,500.00 Legend: NSF-No Sufficient Fund Dec. 5 69,000.00 586,500.00 CM-Credit Memo Dec. 9 Check No. 2021 66,700.00 519,800.00 Dec. 10 138,000.00 657,800.00 Note: The P32, 200.00 credit memo Dec. 14 Check No. 2023 57,500.00 600,300.00 is a collection of non-interest bearing Dec. 15 51,750.00 652,050.00 note. Dec. 17 Check No. 2024 74,750.00 577,300.00 Dec. 18 Check No. 2022 69,000.00 508,300.00 Dec. 28 Check No. 2025 94,300.00 414,000.00 Dec. 28 NSF 92,000.00 322,000.00 Bank Service Char 2,300.00 319,700.00 92,000.00 411,700.00 Dec. 29 CM 32,200.00 443,900.00 Cash Receipts Cash Payments Dec. 5 69,000.00 Check No. 2021 66,700.00 These are the amounts entered by 138,000.00 2022 69,000.00 Proverbs Merchandising in the cash 10 14 51,750.00 2023 57,500.00 receipts book and cash payments book 27 92,000.00 2024 74,750.00 respectively. 29 40,250.00 2025 94,300.00 The cash balance per book as per 2026 55,200.00 general ledger of Proverbs Merchandising is P 491,050.00. Required: Prepare the bank reconciliation using the adjusted balance method and prepare the necessary journal entries adjusting the cash in bank account. If the space is not enough, use the back portion