David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the...

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David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the following information as of December 31: Check drawn on David Co.'s account in payment of a transaction with a vendor, dated and recorded December 31 but not mailed until January 6. P 300,000 Check payable to David Co., deposited December 23, excluded from the December 31 checkbook balance because it was returned by bank on December 28, stamped "NSF". The check was redeposited on the same day and cleared on 50,000 December 29, 2020. Check payable to David Co. for goods sold to a client, dated January 4, 2021 still on hand. The said check was included in the checkbook balance above. 150,000 What is the proper amount to be shown as cash on David Co. 's statement of financial position on December 31, 2020? David Company's checkbook balance on December 31, 2020 was P1,200,000. In addition, David Company supplied the following information as of December 31: Check drawn on David Co.'s account in payment of a transaction with a vendor, dated and recorded December 31 but not mailed until January 6. P 300,000 Check payable to David Co., deposited December 23, excluded from the December 31 checkbook balance because it was returned by bank on December 28, stamped "NSF". The check was redeposited on the same day and cleared on 50,000 December 29, 2020. Check payable to David Co. for goods sold to a client, dated January 4, 2021 still on hand. The said check was included in the checkbook balance above. 150,000 What is the proper amount to be shown as cash on David Co. 's statement of financial position on December 31, 2020?

Answer rating: 100% (QA)

Balance in the Davids company as on 31st Dec 1200000 ... View the full answer