as of December 31, showed a balance of P71,364. Additional information that might be useful in reconciling the two balances follows: · A note collected by the bank was credited to the company’s account amounting to P180,000. No entry has been made yet in relation to the note. · Supplier checks dated and released December 2021 amounting to P601,278 has not yet cleared the bank. · Receipts of January 2022 totaling P199,000 was recorded by the company during December 2021. · Deposits in transit as of December 31, 2021 amounted to P549,209.
The books of VKS Company disclosed a cash in bank balance of P38,295 on December 31, 2021. Meanwhile, the bank statement as of December 31, showed a balance of P71,364. Additional information that might be useful in reconciling the two balances follows:
· A note collected by the bank was credited to the company’s account amounting to P180,000. No entry has been made yet in relation to the note.
· Supplier checks dated and released December 2021 amounting to P601,278 has not yet cleared the bank.
· Receipts of January 2022 totaling P199,000 was recorded by the company during December 2021.
· Deposits in transit as of December 31, 2021 amounted to P549,209.
What is the adjusted ‘cash in bank’ balance as of December 31, 2021?
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