Abne Company provided the following data for the purpose of reconciling the cash balance per book with the balance per bank statement on December 31,2020: Balance per book Balance per bank statement Outstanding checks, including certified check of P300,000 Deposit in Transit December NSF checks (of which P150,000 had been redeposited 2,550,000 6,000,000 1,500,000 600,000 and cleared on December 27) 450,000 Erroneous credit to Abne's account, representing proceeds of Loan granted to another company Proceeds of note collected by bank for Abne, net of service 900,000 Charge of P60,000 3. What amount should be reported as cash in bank on December 31, 2020? 2,250,000

Abne Company provided the following data for the purpose of reconciling the cash balance per book with the balance per bank statement on December 31,2020: Balance per book Balance per bank statement Outstanding checks, including certified check of P300,000 Deposit in Transit December NSF checks (of which P150,000 had been redeposited 2,550,000 6,000,000 1,500,000 600,000 and cleared on December 27) 450,000 Erroneous credit to Abne's account, representing proceeds of Loan granted to another company Proceeds of note collected by bank for Abne, net of service 900,000 Charge of P60,000 3. What amount should be reported as cash in bank on December 31, 2020? 2,250,000

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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