The cash account of the Siopao Corporation as of December 31, 2022 consists of the following: On deposit in current account with BDO Bank P 900,000 Cash collection not yet deposited to the bank 350,000 A customer’s check returned by the bank for insufficient fund 150,000 A check drawn by the Vice-President of the Corporation dated January 15, 2023 70,000
The cash account of the Siopao Corporation as of December 31, 2022 consists of the following:
On deposit in current account with BDO Bank
P 900,000
Cash collection not yet deposited to the bank
350,000
A customer’s check returned by the bank for insufficient fund
150,000
A check drawn by the Vice-President of the Corporation dated January 15, 2023
70,000
A check drawn by a supplier dated December 28, 2022 for goods returned by the Corporation
60,000
A check dated May 31, 2022 drawn by the Corporation against the BPI Bank in payment of customs duties. Since the importation did not materialize, the check was returned by the customs broker. This check was an outstanding check in the reconciliation of the BPI Bank account
410,000
Petty Cash fund of which P10,000 is in currency; P7,200 in form of employees’ I.O.U.; and P2,800 is supported by approved petty cash vouchers for expenses all dated prior to closing of the books on December 31, 2022
20,000
Total
P1,950,000
Less: Overdraft with BPI Bank secured by a Chattel mortgage on the inventories
300,000
Balance per ledger
P1,660,000
At what amount will the account “Cash” appear on the December 31, 2022
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