2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following data were gathered: Undeposited collections NSF checks (of which P10,000 had been redeposited and cleared by the bank by December 28) P400,000 100,000 500,000 Proceeds of customer note collected by the bank Proceeds of bank loan, December 1 discounted for 6 months at 12% not yet recorded on Company books Depositor's note charged to account December bank charges (of which P20,000 was recorded by the Company in December) Checks written by the Company during December (of which P350,000 was not yet presented to the bank) Outstanding checks, November 30 (P50,000 was presented for payment during December) Amount erroneously credited by the bank to the entity's account 940,000 400,000 50,000 950,000 200,000 130,000 Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been deposited and had not been recorded. The amount is not yet included in the above undeposited collections. Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000. Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash balance per bank as of December 31, 2018? a. P1,550,000 b. P1,420,000 Page 1 of 3 IIIII/aps////IIIII Bank Reconciliation c. P500,000 d. P1,450,000 02. f the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash balance per book as of December 31, 2018? a. P680,000 b. (P290,000) c. (P240,000) d. P630,000
2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the following data were gathered: Undeposited collections NSF checks (of which P10,000 had been redeposited and cleared by the bank by December 28) P400,000 100,000 500,000 Proceeds of customer note collected by the bank Proceeds of bank loan, December 1 discounted for 6 months at 12% not yet recorded on Company books Depositor's note charged to account December bank charges (of which P20,000 was recorded by the Company in December) Checks written by the Company during December (of which P350,000 was not yet presented to the bank) Outstanding checks, November 30 (P50,000 was presented for payment during December) Amount erroneously credited by the bank to the entity's account 940,000 400,000 50,000 950,000 200,000 130,000 Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been deposited and had not been recorded. The amount is not yet included in the above undeposited collections. Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000. Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash balance per bank as of December 31, 2018? a. P1,550,000 b. P1,420,000 Page 1 of 3 IIIII/aps////IIIII Bank Reconciliation c. P500,000 d. P1,450,000 02. f the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash balance per book as of December 31, 2018? a. P680,000 b. (P290,000) c. (P240,000) d. P630,000
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:2. In preparing the bank reconciliation of "GON FREECS" Company for December 31, 2018 the
following data were gathered:
Undeposited collections
NSF checks (of which P10,000 had been redeposited and cleared
by the bank by December 28)
P400,000
100,000
Proceeds of customer note collected by the bank
Proceeds of bank loan, December 1 discounted for 6 months
500,000
at 12% not yet recorded on Company books
Depositor's note charged to account
December bank charges (of which P20,000 was recorded by the
Company in December)
Checks written by the Company during December (of which P350,000
was not yet presented to the bank)
Outstanding checks, November 30 (P50,000 was presented for
payment during December)
Amount erroneously credited by the bank to the entity's account
940,000
400,000
50,000
950,000
200,000
130,000
Gon also discovered a customer check for P50,000 payable to "Gon" that had not yet been
deposited and had not been recorded. The amount is not yet included in the above undeposited
collections.
Check issued by "Gin" Company charged to "Gon" account in error by the bank, P100,000.
Q1. If the cash balance per book as of December 31, 2018 is P500,000, How much is the cash
balance per bank as of December 31, 2018?
a. P1,550,000
b. P1,420,000
Page 1 of 3
////////aps//////IIII Bank Reconciliation
C.
P500,000
d. P1,450,000
Q2. If the cash balance per bank as of December 31, 2018 is P760,000, How much is the cash
balance per book as of December 31, 2018?
P680,000
b. (P290,000)
c. (P240,000)
a.
d. P630,000
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