You are auditing the cash account of Vhina Inc. for the fiscal year ended July 31, 2020. The client has not prepared the July 31, bank reconciliation. The following information were made available: Audit notes: a. Bank reconciliation in June included the following information: Bank statement balance, June, P172,590; Deposits in transit, P18,000; Outstanding checks, P52,260, and; Balance per general ledger, June, P140,330. b. Checks clearing the bank in July, outstanding by the end of June was at P50,760. c. Checks clearing the bank in July and were recorded in the July cash disbursement journal was at P614,010. d. A check for P31,800 cleared the bank, but had not been recorded in the cash disbursement journal. It was for a payment of an accounts payable. e. A check for P11,880 was erroneously charged by the bank to Vhina Inc. f. Deposits included P18,000 from June and P733,680 from July. g. The bank charged Vhina Inc.'s account for a non-sufficient-fund check totaling to P9,330 The credit manager concluded that the customer intentionally closed its account and the owner left the city. The check was turned over to a collection agency. h. A note for P174,000, plus interest, was paid directly by the bank under an agreement signed four months ago. The note payable was recorded at P174,000 on Vhina Inc.'s books. What is the correct cash in bank balance as of July 31
You are auditing the cash account of Vhina Inc. for the fiscal year ended July 31, 2020. The client has not prepared the July 31, bank reconciliation. The following information were made available:
Audit notes:
a. Bank reconciliation in June included the following information: Bank statement balance, June, P172,590; Deposits in transit, P18,000; Outstanding checks, P52,260, and; Balance per general ledger, June, P140,330.
b. Checks clearing the bank in July, outstanding by the end of June was at P50,760.
c. Checks clearing the bank in July and were recorded in the July cash disbursement journal was at P614,010.
d. A check for P31,800 cleared the bank, but had not been recorded in the cash disbursement journal. It was for a payment of an accounts payable.
e. A check for P11,880 was erroneously charged by the bank to Vhina Inc.
f. Deposits included P18,000 from June and P733,680 from July.
g. The bank charged Vhina Inc.'s account for a non-sufficient-fund check totaling to P9,330 The credit manager concluded that the customer intentionally closed its account and the owner left the city. The check was turned over to a collection agency.
h. A note for P174,000, plus interest, was paid directly by the bank under an agreement signed four months ago. The note payable was recorded at P174,000 on Vhina Inc.'s books.
What is the correct cash in bank balance as of July 31?
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