"Quincy" Company's accountant prepared the following bank reconciliation for March 2018: P200,000 Balance per bank statement, March 31 Add: Deposit in transit 118,000 Total 318,000 Less: Outstanding checks Bank credit recorded in error P150,000 8,000 158,000 Balance per book, March 31 160,000 The bank statement for April 2018 contains the following: Total deposits including credit memo of P10,000 P190,000
"Quincy" Company's accountant prepared the following bank reconciliation for March 2018: P200,000 Balance per bank statement, March 31 Add: Deposit in transit 118,000 Total 318,000 Less: Outstanding checks Bank credit recorded in error P150,000 8,000 158,000 Balance per book, March 31 160,000 The bank statement for April 2018 contains the following: Total deposits including credit memo of P10,000 P190,000
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:4. "Quincy" Company's accountant prepared the following bank reconciliation for March 2018:
Balance per bank statement, March 31
Add: Deposit in transit
P200,000
118,000
318,000
Total
Less: Outstanding checks
Bank credit recorded in error
P150,000
8,000
158,000
160,000
Balance per book, March 31
The bank statement for April 2018 contains the following:
Total deposits including credit memo of P10,000
Total charges including service charge of 2,000
P190,000
156,000
All outstanding checks on March 31 including the erroneous bank credit were cleared in bank in
April 2016. There were outstanding checks of P15,000 and deposit in transit of P19,000 on April 30.
Q1. What is the cash balance
book on April 30, 2018?
а.
P230,000
b. P238,000
с.
P234,000
d. P160,000
Q2. What is the cash balance per bank on April 30, 2018?
а.
P230,000
b. P238,000
c. P234,000
Page 2 of 3
//I/I/I//aps///II///// Bank Reconciliation
d. P160,000
Q3. What is the adjusted cash on April 30, 2018?
a. P230,000
b. P238,000
c. P234,000
d. P160,000
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