The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?
The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are: *Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000. *Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000. What amount of cash will be shown on December 31, 2018?
Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 18RQSC
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The cash in bank of Loveleen Company on December 31, 2018 has a balance of 1,000,000. Included among the checks drawn by Loveleen against its current account and recorded in December 2018 are:
*Check written and dated December 23, 2018 and delivered to payee on January 6, 2019, P50,000.
*Check written December 27, 2018 and dated January 31, 2019 delivered to payee on December 27, 2018, P75, 000.
What amount of cash will be shown on December 31, 2018?
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