While checking the cash account of the Torquoise Company on December 31, 2020, you find the following information: Balance per books — P677,600 Balance per bank statement — P653,230 Deposit in bank closed by BSP — P160,000 Outstanding checks — P98,760 Deposit in transit — P123,450 Currency and coins counted — P95,000 Petty cash fund (of which P4,500 is in the form of paid vouchers) — P10,000 Bank charges not yet taken up in the books — P580 Receivables from employees — P7,000 Bond sinking fund cash — P100,000 Error in recording a check in the books. The correct amount as paid by the bank is P8,900 instead of P9,800 as recorded in the books, or difference of — P900 The correct cash in bank balance for Turquoise Co. on December 31, 2020 is? (With Solution) a. P554,150 b. P677,920 c. P702,290 d. P837,920
MC38
While checking the cash account of the Torquoise Company on December 31, 2020, you find the following information:
Balance per books — P677,600
Balance per bank statement — P653,230
Deposit in bank closed by BSP — P160,000
Outstanding checks — P98,760
Deposit in transit — P123,450
Currency and coins counted — P95,000
Petty cash fund (of which P4,500 is in the form of paid vouchers) — P10,000
Bank charges not yet taken up in the books — P580
Receivables from employees — P7,000
Bond sinking fund cash — P100,000
Error in recording a check in the books. The correct amount as paid by the bank is P8,900 instead of P9,800 as recorded in the books, or difference of — P900
The correct cash in bank balance for Turquoise Co. on December 31, 2020 is? (With Solution)
a. P554,150
b. P677,920
c. P702,290
d. P837,920
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
