QUESTIONS:Based on the above and result of your audit, determine the following:Cash receipts per bank in May Shown below is the bank reconciliation for Gatchalian Company for April 2018:Balance per bank, April 30, 2018P300,000Add: Deposits in transit48,000348,000TotalP56,000Less: Outstanding checks15,000Note collected by bank20,00091,000Bank credit for recorded errorP257,000Cash balance per books, April 30, 2018In the process of your audit, you gathered the following:• The cash account for May 2018 contains the followingdata:P247,000Total receipts In the process of your audit, you gathered the following:. The cash account for May 2018 contains the followingdata:Total receiptsP247,000Total disbursements159,200The cut-off bank statement showed a bank service charge ofOn the 23rd of May, an NSF check for P16,000 was returned by the bank. The check was redeposited on May 27th, andno entry was made byAll outstanding checks on April 30, 2018, including the bank credit, were cleared in the bank in May 2018.•There were outstanding checks of P60,000 and deposit in transit of P76,000 on May 31,• Included in the list of outstanding checks were thefollowing:2018. A check payable to a supplier, dated May 29, 2018, in the amount of P4,750, released on June 5, 2018.2019. A check representing advance payment to a supplier in the amount of P7,210, the date of which is June 4, 2018, andreleased in May,On May 31, 2018, the company received and recorded customer's postdated check amounting to P5,000.

Bank reconciliation is the statement in which the company matches its cash balance as per cash book…

Answered: Based on the above and result of your…

Business

Accounting

Based on the above and result of your audit, determine the following: Cash receipts per bank in May

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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Concept explainers

Bank Reconciliation Statement

As a commerce student, we all know that every business has to maintain a cash book to maintain all his cash and bank transactions. A cash book is a book which has two columns, one cash column and one bank column.

Question

QUESTIONS:
Based on the above and result of your audit, determine the following:

Cash receipts per bank in May

Shown below is the bank reconciliation for Gatchalian Company for April 2018:
Balance per bank, April 30, 2018
P300,000
Add: Deposits in transit
48,000
348,000
Total
P56,000
Less: Outstanding checks
15,000
Note collected by bank
20,000
91,000
Bank credit for recorded error
P257,000
Cash balance per books, April 30, 2018
In the process of your audit, you gathered the following:
• The cash account for May 2018 contains the followingdata:
P247,000
Total receipts

In the process of your audit, you gathered the following:
. The cash account for May 2018 contains the followingdata:
Total receipts
P247,000
Total disbursements
159,200
The cut-off bank statement showed a bank service charge of
On the 23rd of May, an NSF check for P16,000 was returned by the bank. The check was redeposited on May 27th, and
no entry was made by
All outstanding checks on April 30, 2018, including the bank credit, were cleared in the bank in May 2018.
•There were outstanding checks of P60,000 and deposit in transit of P76,000 on May 31,
• Included in the list of outstanding checks were thefollowing:
2018. A check payable to a supplier, dated May 29, 2018, in the amount of P4,750, released on June 5, 2018.
2019. A check representing advance payment to a supplier in the amount of P7,210, the date of which is June 4, 2018, and
released in May,
On May 31, 2018, the company received and recorded customer's postdated check amounting to P5,000.

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