1. What is the unadjusted book receipts in December? 2. What is the unadjusted book disbursements in December? 3. What is the corrected cash balance as of November 30?
In the course of our audit of Ettedanreb Corporation’s cash in bank for the year ended December 31, 2016, you ascertained the following information:
|
|
November 30 |
December 31 |
|
|
|
60,350 |
? |
|
|
Cash per bank statement |
535,410 |
689,085 |
|
|
Undeposited checks |
41,005 |
64,400 |
|
|
Outstanding checks |
138,590 |
150,560 |
|
|
Bank service charges |
3,600 |
3,000 |
|
|
Insufficient fund check |
|
41,250 |
|
|
Company’s notes receivable collected by bank |
359,075 |
404,500 |
|
|
|
|
|
|
|
The bank statement and the company’s records show the following totals: |
|||
|
Cash disbursements per bank statement |
|
1,091,865 |
|
|
Cash receipts per cash records |
|
? |
|
|
Cash disbursements per cash records |
|
? |
|
|
Cash receipts per bank statement |
|
1,245,540 |
|
Additional information:
- The insufficient fund check was redeposited in the same month. No entries are made to take up the return and redeposit.
- A P50,000 bank charge error in November was corrected by the bank in December, while a P20,000 deposit of House-boy Corporation was erroneously credited by the bank of the company’s account in December.
- A P19,000 disbursement check was recorded in November as P91,000. The error was discovered and corrected in December.
- A P20,000 customer collection was recorded in the books in December as P200,000, the error was detected and corrected in December.
Questions: Based on the above audit findings, answer the following:
1. What is the unadjusted book receipts in December?
2. What is the unadjusted book disbursements in December?
3. What is the corrected cash balance as of November 30?
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