Compute for the adjusted balances of the following: Cash on hand Petty Cash Fund BPI Current Account
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Question:
Compute for the adjusted balances of the following:
- Cash on hand
- Petty Cash Fund
- BPI Current Account
- Cash and Cash Equivalents
Transcribed Image Text:
You were able to gather the following from the December 31, 2020 trial balance of DEF Corporation in connection with your audit of the company: Cash on hand Petty cash fund BPI current account Security Bank current account No. 01 Security Bank current account No. 02 PNB savings account PNB time deposit Cash on hand includes the following items: 372,000 10,000 950,000 1,280,000 (40,000) 500,000 300,000 a. Customer's check for P60,000 returned by bank on December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2021. b. Customer's check for P30,000 dated January 2, 2021, received on December 29, 2020. c. Postal money orders received from customers, P36,000. The petty cash fund consisted of the following items as of December 31, 2020. Currency and coins Employees' vales Currency in an envelope marked "collections for charity" with names attached Unreplenished petty cash vouchers Check drawn by DEF Corporation, payable to the petty cashier P 2,100 1,600 1,200 800 4,600 P10,300 Included among the checks drawn by DEF Corporation against the BPI current account and recorded in December 2020 are the following: a. Check written and dated December 29, 2020 and delivered to payee on January 2, 2021, P50.000. b. Check written on December 27, 2020, dated January 2, 2021, delivered to payee on December 29, 2020, P86,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2020. The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment. This account is expected to be disbursed in the next 3 months from the balance sheet date. You were able to gather the following from the December 31, 2020 trial balance of DEF Corporation in connection with your audit of the company: Cash on hand Petty cash fund BPI current account Security Bank current account No. 01 Security Bank current account No. 02 PNB savings account PNB time deposit Cash on hand includes the following items: 372,000 10,000 950,000 1,280,000 (40,000) 500,000 300,000 a. Customer's check for P60,000 returned by bank on December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2021. b. Customer's check for P30,000 dated January 2, 2021, received on December 29, 2020. c. Postal money orders received from customers, P36,000. The petty cash fund consisted of the following items as of December 31, 2020. Currency and coins Employees' vales Currency in an envelope marked "collections for charity" with names attached Unreplenished petty cash vouchers Check drawn by DEF Corporation, payable to the petty cashier P 2,100 1,600 1,200 800 4,600 P10,300 Included among the checks drawn by DEF Corporation against the BPI current account and recorded in December 2020 are the following: a. Check written and dated December 29, 2020 and delivered to payee on January 2, 2021, P50.000. b. Check written on December 27, 2020, dated January 2, 2021, delivered to payee on December 29, 2020, P86,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2020. The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment. This account is expected to be disbursed in the next 3 months from the balance sheet date.
Expert Answer:
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-1259103292
4th Canadian edition
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
Posted Date:
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