Deposit in Transit In your audit of the cash account of Santos Company, you have ascertained the following data relative to the debits per books and credits per bank : a. Book debits in February P 380,000 b. Bank credits February 310,000 c. Interest earned on the deposits in January but taken up in the books February 5,000 d. Interest earned on the deposits in February but taken up in the books March 6,000 e. Collection by bank for the account of the depositor (this amount was credited by the bank of February 27 but not yet taken up in the books of the depositor February) 15,000 f. Loan granted by the bank to the depositor (this amount was credited by the bank on February 27 but not yet taken up in the books of the depositor in February 30,000 g. Check customer in January amounting to P 20,000 but was taken up in the books P 2,000 h. Check issued to supplier in January amounting to P 1,000 but was taken up in the book as 10,000 i. Erroneous bank credit -February 18,000 j. Erroneous bank charge – January 10,000 k. Undeposited collections as of January 31 250,000 REQUIRED : Compute the undeposited collections as at February 28.
Deposit in Transit
In your audit of the cash account of Santos Company, you have ascertained the following data relative to the debits per books and credits per bank :
|
a. Book debits in February |
P 380,000 |
|
b. Bank credits February |
310,000 |
|
c. Interest earned on the deposits in January but taken up in the books February |
5,000 |
|
d. Interest earned on the deposits in February but taken up in the books March |
6,000 |
|
e. Collection by bank for the account of the depositor (this amount was credited by the bank of February 27 but not yet taken up in the books of the depositor February) |
15,000 |
|
f. Loan granted by the bank to the depositor (this amount was credited by the bank on February 27 but not yet taken up in the books of the depositor in February |
30,000 |
|
g. Check customer in January amounting to P 20,000 but was taken up in the books |
P 2,000 |
|
h. Check issued to supplier in January amounting to P 1,000 but was taken up in the book as |
10,000 |
|
i. Erroneous bank credit -February |
18,000 |
|
j. Erroneous bank charge – January |
10,000 |
|
k. Undeposited collections as of January 31 |
250,000 |
REQUIRED : Compute the undeposited collections as at February 28.
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