VINCI Policarpio Company provided the following data for the purpose of reconciling the cash balance per book Balance per book P 420,000 Outstanding checks (including certified check of P20,000) 50,000 Deposit in transit 90,000 December NSF checks (of which P10,000 had been re-deposited and cleared on December 27) 30,000 Erroneous credit to VINCI Policarpio’s account, representing proceeds of loan granted to another company 60,000 Proceeds of note collected by bank for VINCI Policarpio, net of service charge of P4,000 155,000 Erroneous bank charge 3,000 A check of P5,000 in payment of account was recorded by the company as 50,000 The correct cash balance to be shown in the company’s December 31, 2021 balance sheet
VINCI Policarpio Company provided the following data for the purpose of reconciling the cash balance per book Balance per book P 420,000 Outstanding checks (including certified check of P20,000) 50,000 Deposit in transit 90,000 December NSF checks (of which P10,000 had been re-deposited and cleared on December 27) 30,000 Erroneous credit to VINCI Policarpio’s account, representing proceeds of loan granted to another company 60,000 Proceeds of note collected by bank for VINCI Policarpio, net of service charge of P4,000 155,000 Erroneous bank charge 3,000 A check of P5,000 in payment of account was recorded by the company as 50,000 The correct cash balance to be shown in the company’s December 31, 2021 balance sheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
VINCI Policarpio Company provided the following data for the purpose of reconciling the cash balance per book
|
Balance per book |
P 420,000 |
|
Outstanding checks (including certified check of P20,000) |
50,000 |
|
Deposit in transit |
90,000 |
|
December NSF checks (of which P10,000 had been re-deposited and cleared on December 27) |
30,000 |
|
Erroneous credit to VINCI Policarpio’s account, representing proceeds of loan granted to another company |
60,000 |
|
Proceeds of note collected by bank for VINCI Policarpio, net of service charge of P4,000 |
155,000 |
|
Erroneous bank charge |
3,000 |
|
A check of P5,000 in payment of account was recorded by the company as |
50,000 |
The correct cash balance to be shown in the company’s December 31, 2021
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