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Maya Company showed the following information on February 28: Balance of bank statement Balance of cash in bank account P720,000 780,000 Outstanding checks, February 28: Number 412 Number 112 Number 113 Number 114 P 6,000 33,000 24,000 15,000

Maya Company showed the following information on February 28: Balance of bank statement Balance of cash in bank account P720,000 780,000 Outstanding checks, February 28: Number 412 Number 112 Number 113 Number 114 P 6,000 33,000 24,000 15,000

FINANCIAL ACCOUNTING
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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Kindly answer problems 2-3.
What is the adjusted cash in bank on December 31?_ Problem 3 Maya Company showed the following information on February 28: Balance of bank statement Balance of cash in bank account Outstanding checks, February 28: Number 412 Number 112 Number 113 Number 114 Number 115 Number 116 NSF check received from a client Bank service charge for February Receipts of February 28, deposited March 1 P 6,000 33,000 24,000 15,000 39,000 42,000 P720,000 780,000 159,000 51,000 3,000 165,000 The cashier-bookkeeper had misappropriated P18,000 and an additional P6,000 by charging sales discounts and crediting accounts receivable. The stub for check number 116 and the invoice relating there to showed that it was for P30,000. It was recorded incorrectly in the cash disbursements journal as P42,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check number 412 which was drawn in payment of an account payable. The payee cannot be located. What is the adjusted cash in bank on February 28?
Transcribed Image Text:What is the adjusted cash in bank on December 31?_ Problem 3 Maya Company showed the following information on February 28: Balance of bank statement Balance of cash in bank account Outstanding checks, February 28: Number 412 Number 112 Number 113 Number 114 Number 115 Number 116 NSF check received from a client Bank service charge for February Receipts of February 28, deposited March 1 P 6,000 33,000 24,000 15,000 39,000 42,000 P720,000 780,000 159,000 51,000 3,000 165,000 The cashier-bookkeeper had misappropriated P18,000 and an additional P6,000 by charging sales discounts and crediting accounts receivable. The stub for check number 116 and the invoice relating there to showed that it was for P30,000. It was recorded incorrectly in the cash disbursements journal as P42,000. This check was drawn in payment of an accounts payable. Payment has been stopped on check number 412 which was drawn in payment of an account payable. The payee cannot be located. What is the adjusted cash in bank on February 28?
Problem 2 In reconciling the cash balance on December 31 with that shown in the bank statement, Willy Company provided the following information: Balance per book Balance per bank statement Service charge Outstanding checks Deposit in transit Proceeds of bank loan, December 1, discounted for 6 mos. at 12% interest, not recorded on Willy's books Customer check charged bank by bank for absence of counter signature P2,160,000 3,200,000 8,000 480,000 380,000 752,000 40,000 Deposit of P80,000 incorrectly recorded by bank as 8,000 Check of Billy Company charged bank against Willy's account 120,000 Customer note collected by bank in favor of Willy Company: (face amount, P320,000; interest, P32,000; and collection fee, P4,000) Deposit of Billy Company credited to Willy Company Erroneous debit memo of December 29, to charge Willy's account with settlement of bank loan 348,000 240,000 160,000
Transcribed Image Text:Problem 2 In reconciling the cash balance on December 31 with that shown in the bank statement, Willy Company provided the following information: Balance per book Balance per bank statement Service charge Outstanding checks Deposit in transit Proceeds of bank loan, December 1, discounted for 6 mos. at 12% interest, not recorded on Willy's books Customer check charged bank by bank for absence of counter signature P2,160,000 3,200,000 8,000 480,000 380,000 752,000 40,000 Deposit of P80,000 incorrectly recorded by bank as 8,000 Check of Billy Company charged bank against Willy's account 120,000 Customer note collected by bank in favor of Willy Company: (face amount, P320,000; interest, P32,000; and collection fee, P4,000) Deposit of Billy Company credited to Willy Company Erroneous debit memo of December 29, to charge Willy's account with settlement of bank loan 348,000 240,000 160,000
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