On December, 31 2021, Alberto Company had the following cash balances: Cash in banks 1,800,000 Petty cash funds (all funds were reimbursed on Dec. 31, 2021) 50,000 Cash in banks includes P600,000 of compensating balances against short-term borrowing arrangements at December 31, 2021. The compensating balances are not legally restructed as to withdrawal by Alberto. In the current assets section of Alberto's December 31, 2021 Statement of financial postion, how much is the total amount of cash reported?

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.