The following information pertains to Cuay Corporation, whose deposits in transit totaled P49,000 at December 31, 2020: Based on the above, answer the following questions: Cuay Corporation BANK RECONCILIATION November 30, 2020 Balance per bank statement Less: Outstanding checks Check No. 4321 Check No. 4329 Check No. 4340 Check No. 4341 13. What is the total book receipts for December? 14. What is the cash balance per books on December 31, 20209 15. What is the total outstanding checks on December 31, 20209 16. What is the odjusted cash balance on November 30, 2020? 17. What is the odjusted cash balance on December 31, 2020 P 435,000 P 6.000 15,000 1.700 4.675 The cash receipts and cash payments of Detuya Company for April 2020 follow: 27,375 P 407.625 16.200 P 423,825 Total Add: Deposits in transit Balance per books CASH RECEIPTS Cash Debit P 208,700 20.350 27.950 109,350 92.700 53.000 16.850 CASH PAYMENTS Cash Credit Check No. 4113 4114 4115 4116 4117 4118 4119 4120 4121 4122 Date P 44,550 7,350 96.500 33.200 73.600 50,000 31,600 83.750 5,000 120,650 Apr. 2 CHECK REGISTER December 2020 10 Vouchers 16 22 29 30 Date Payee Check No. Discount Cash San Beda, Inc. Miriam Corporation UE Enterprises 12 PSBA Corporation 15 Payroll 16 BU, Inc. 18 New Era Company 21 UST, Inc. 22 Petty cash fund 28 Payroll Total Payable P 10,000 P 4.200 3,755 12.000 96.000 6,300 14,200 7,000 10,000 P 9,500 4.200 3,755 11,880 96,000 6,300 14,058 7.000 10.000 4342 4343 4344 4345 4346 Dec. 500 120 4347 4348 4349 4350 4351 142 Detuya Company received the following bank statement on April 30, 2020: BANK STATEMENT April 2020 P 95,550 98,000 P 260,693 Beginning balance Add: Deposits and other credits: Apr. 1 98.000 P 261,455 P 762 P 16.300 Electronic tund transter 208,700 20,350 27.950 109.350 68,400 Bank collection 92.700 4. BANK STATEMENT Page 1 of 1 BANKABLE BANK PERIOD: November 30, 2020 to December 31, 2020 No 001-43-44 Date 12 17 22 23 Balance P 435.000 451.200 436.200 426.700 422,025 471,025 466.825 480,825 477.070 381,070 371,070 273.070 272.070 273.620 Credit Description Balance last statement Cash deposit Check issued Check issued Check No. Debit 543.750 Less: Checks and other debits: P 16.200 P 44,550 69.500 45,150 Unouthorized signature Apr. 7 13 14 15 18 21 26 30 30 Dec. 4329 4342 4341 P 15,000 9,500 4.675 4. Check issued Check deposit Check issued 7.350 33,200 10,950 Electronic fund transfer 73,600 50.000 1.000 Service charge 49.000 4343 4.200 6. Check deposit 10 Check isSued 15 Encashment 22 Encashment 28 Encashment 29 Debit memo- BSC 29 Credit memo-interest 14.000 8. 4344 4346 4350 4351 3,755 96,000 10,000 98,000 1,000 335.300 P 304,000 Ending balance 1.550
Reporting Cash Flows
Reporting of cash flows means a statement of cash flow which is a financial statement. A cash flow statement is prepared by gathering all the data regarding inflows and outflows of a company. The cash flow statement includes cash inflows and outflows from various activities such as operating, financing, and investment. Reporting this statement is important because it is the main financial statement of the company.
Balance Sheet
A balance sheet is an integral part of the set of financial statements of an organization that reports the assets, liabilities, equity (shareholding) capital, other short and long-term debts, along with other related items. A balance sheet is one of the most critical measures of the financial performance and position of the company, and as the name suggests, the statement must balance the assets against the liabilities and equity. The assets are what the company owns, and the liabilities represent what the company owes. Equity represents the amount invested in the business, either by the promoters of the company or by external shareholders. The total assets must match total liabilities plus equity.
Financial Statements
Financial statements are written records of an organization which provide a true and real picture of business activities. It shows the financial position and the operating performance of the company. It is prepared at the end of every financial cycle. It includes three main components that are balance sheet, income statement and cash flow statement.
Owner's Capital
Before we begin to understand what Owner’s capital is and what Equity financing is to an organization, it is important to understand some basic accounting terminologies. A double-entry bookkeeping system Normal account balances are those which are expected to have either a debit balance or a credit balance, depending on the nature of the account. An asset account will have a debit balance as normal balance because an asset is a debit account. Similarly, a liability account will have the normal balance as a credit balance because it is amount owed, representing a credit account. Equity is also said to have a credit balance as its normal balance. However, sometimes the normal balances may be reversed, often due to incorrect journal or posting entries or other accounting/ clerical errors.
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