16. ASTATIC UNSTABLE Co. is currently preparing its combined financial statements. At December 31, 20x1, the home office shows a P728,000 balance in its "Investment in branch" account. The following information has been gathered during the reconciliation process: (a) A credit memo sent by the home office to the branch amounting to P48,000 was not recorded by the branch. (b) A debit memo sent by the home office to the branch amounting to P36,000 was not recorded by the branch. (c) A credit memo sent by the branch to the home office amounting to P80,000 was recorded by the home office twice. (d) A debit memo sent by the branch to the home office amounting to P120,000 was recorded by the home office as P12,000. (e) The branch sent by mistake a credit memo amounting to P28,000 to the home office. The home office did not record it. REQUIREMENT: How much is the unadjusted balance of the "Home office" account?

16. ASTATIC UNSTABLE Co. is currently preparing its combined financial statements. At December 31, 20x1, the home office shows a P728,000 balance in its "Investment in branch" account. The following information has been gathered during the reconciliation process: (a) A credit memo sent by the home office to the branch amounting to P48,000 was not recorded by the branch. (b) A debit memo sent by the home office to the branch amounting to P36,000 was not recorded by the branch. (c) A credit memo sent by the branch to the home office amounting to P80,000 was recorded by the home office twice. (d) A debit memo sent by the branch to the home office amounting to P120,000 was recorded by the home office as P12,000. (e) The branch sent by mistake a credit memo amounting to P28,000 to the home office. The home office did not record it. REQUIREMENT: How much is the unadjusted balance of the "Home office" account?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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On March 31, 20XX, Able Company received its bank statement. However, the closing balance of the account was unreadable. Attempts to contact the bank after hours did not secure the desired information. The following data are available in preparing a bank reconciliation: Balance per ledger, P1,460,000 Note collected by bank, P100,000 Interest earned on note, P10,000 NSF check of customer, P130,000 Bank service charge on NSF check, P2,000 Other bank service charges, P3,000 Outstanding checks, P202,000 Deposit placed in night depository, P85,000 Check issued by Axle Company charged to Able's account, P20,000 What is the balance per bank statement?
The following information is available for Remal Bidiya Company at the end of October: Unadjusted balance per bank RO 4,550; outstanding checks RO 775; deposits in transit RO 1,250; NSF check RO 80; bank service charge RO 50; credit memo from bank RO 95; a check of RO 105 was recorded erroneously as RO 150 by the company cash balance per books RO 4,500, As a result of this reconciliation, Remal-Bidiya Company will: Select one: O a. Reduce its cash account by RO 90, O b. Increase its cash account by RO 10. Oc Increase its cash account by RO 20. O d. Reduce its cash account by RO 70.
Mazaya Company assembled the following information in completing its October bank reconciliation balance per bank R.O.15.280; outstanding checks R.O.3,100, deposits in transit R.O5,000, NSF check R.O 320, bank service charge RO 100, credit memo from bank R.O. 320, cash balance per books RO.17,600. As a result of this reconciliation, Mazaya will Select one: a. reduce its cash account by R.O.420. O b Reduce its cash account by R.O.100. c. Reduce its cash account by R.O.1,900. d. Increase its cash account by R.O.320.
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VKS Co. is preparing its March 31 bank reconciliation. The following data are available:Per bank:February 28 balance - P859,500March deposits reflected - P476,000March checks reflected - P617,000 (erroneously includes a check drawn by IntAcc1 Company for P15,000)Note collected (including P2,000 interest) - P202,000Service charge - P1,200March 31 balance - P919,300Per books:February 28 balance - P840,600March receipts - P490,000 (includes a collection of P20,800 recorded erroneously. The correct amount of P28,000 was properly reflected in the bank statement)March disbursements – P610,000 (includes February service charge of P1,000)March 31 balance - P720,600Additional data from the February 28 bank reconciliation:Deposits in transit - P18,200Outstanding checks, P38,100How much were the deposit in transit at March 31?
Please help me
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