The Secretary of Zambia Club has not been keeping proper financial records. Now members have demanded to know if the club has had a surplus or a deficit at 31" December 2017. However, the Secretary has been able to provide the following information: Balances at 31* December: 2017 2016 K K Long-term borrowing 18 400 28 000 Bank overdraft 13 000 Subscriptions received in advance 12 240 10 400 Income received in advance 10 000 7 600 Accrued expenses 2 600 3 200 Furniture at cost 50 000 50 000 Equipment at cost Bank (favourable ) 93 000 93 000 4 960

The Secretary of Zambia Club has not been keeping proper financial records. Now members have demanded to know if the club has had a surplus or a deficit at 31" December 2017. However, the Secretary has been able to provide the following information: Balances at 31* December: 2017 2016 K K Long-term borrowing 18 400 28 000 Bank overdraft 13 000 Subscriptions received in advance 12 240 10 400 Income received in advance 10 000 7 600 Accrued expenses 2 600 3 200 Furniture at cost 50 000 50 000 Equipment at cost Bank (favourable ) 93 000 93 000 4 960

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Dapitan Company had the following account balances at December 31, 2023: Cash in bank Cash on hand Cash legally restricted for addition to plant and expected to be disbursed in 2024 P2,500,000 10,000 1,500,000 Cash in bank includes P200,000 compensating balances against short-term borrowing arrangements. The compensating balances are not legally restricted as to withdrawal by Dapitan Company. In the current assets section of Dapitan Co.'s December 31, 2023 statement of financial position, how should be reported as cash?
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a) prepare the genral journal entries necessary to update the Bank account in the general ledger for Nov 2017\ b) prepare the bank reconcilation as at 30 Nov 2017