Kindly answer the question below You were able to gather the following from the December 31, 2020 trial balance of Should Corporationin connection with your audit of the company:Cash on hand372,000Petty cash fund10,000BPI current account950,000Security Bank current account No. 011,280,000Security Bank current account No. 02(40,000)PNB savings account500,000PNB time deposit300,000Cash on hand includes the following items:a. Customer's check for P60,000 returned by bank on December 26, 2020 due to insufficient fundbut subsequently redeposited and cleared by the bank on January 8, 2021.b. Customer's check for P30,000 dated January 2, 2021, received on December 29, 2020.c. Postal money orders received from customers, P36,000.The petty cash fund consisted of the following items as of December 31, 2020.Currency and coinsP 2,100Employees' vales1,600Currency in an envelope marked "collections for charity" with namesattached1,200Unreplenished petty cash vouchers800Check drawn by Should Corporation, payable to the petty cashier4,600Р10,300Included among the checks drawn by Should Corporation against the BPI current account andrecorded in December 2020 are the following:a. Check written and dated December 29, 2020 and delivered to payee on January 2, 2021,Р50,000.b. Check written on December 27, 2020, dated January 2, 2021, delivered to payee on December29, 2020, P86,000.The credit balance in the Security Bank current account No. 2 represents checks drawn in excess ofthe deposit balance. These checks were still outstanding at December 31, 2020.The savings account deposit in PNB has been set aside by the board of directors for acquisition of newequipment. This account is expected to be disbursed in the next 3 months from the balance sheet date.Compute for the adjusted balances of following:1. Cash on handP408,000b. P282,000c. P246,000d. P342,000а.2. Petty cash fundP6,700b. P2,100c. P9,100d. P10,000а.3. BPI current accountа. Р1,000,000b. P914,000c. P1,086,000d. P950,0004. Cash and cash equivalentsа. Р2,914,700b. P2,614,700c. P2,954,700d. P3,414,700 You obtained the following information on the current account of Would Company during yourexamination of its financial statements for the year ended December 31, 2020.The bank statement on November 30, 2020 showed a balance of P76,500. Among the bank credits inNovember was customer's note for P25,000 collected for the account of the company which thecompany recognized in December among its receipts. Included in the bank debits were cost ofcheckbooks amounting to P300 and a P10,000 check which was charged by the bank in error againstWould Co. account. Also, in November you ascertained that there were deposits in transit amountingto P20,000 and outstanding checks totaling P42,500.The bank statement for the month of December showed total credits of P104,000 and total charges ofP51,000. The company's books for December showed total receipts of P183,900, disbursements ofP101,800 and a balance of P121,400. Bank debit memos for December were: No. 143 for servicecharges, P400 and No. 145 on a customer's returned check marked “DAIF" for P6,000.On December 31, 2020 the company placed with the bank a customer's promissory note with a facevalue of P30,000 for collection. The company treated this note as part of its receipts although the bankwas able to collect on the note only in January 2021.A check for P990 was recorded in the company cash payments books in December as P9,900.5. How much is the undeposited collections as of December 31, 2020?а. Р54,900b. P84,900С. Р44,900d. P34,9006. How much is the outstanding checks as of December 31, 2020?a. P47,990b. P99,400С. Р90,790d. P90,4907. How much is the adjusted cash balance as of November 30, 2020?а. Р54,000b. Р64,000с. Р44,000d. P39,3008. How much is the adjusted bank receipts for December?а. Р158,900b. P118,900с. Р108,900d. P128,9009. How much is the adjusted book disbursements for December?а. Р56,490b. P98,990c. P107,900d. P99,29010. How much is the adjusted cash balance as of December 31, 2020?а. Р93,910b. P156,410С. Р55,000d. P48,910

Adjusted cash on hand is calculated after deducting the amounts that shouldn't be included in it for…

You were able to gather the following from the December 31, 2020 trial balance of Should Corporation in connection with your audit of the company: Cash on hand 372,000 Petty cash fund 10,000 BPI current account 950,000 Security Bank current account No. 01 1,280,000 Security Bank current account No. 02 (40,000) PNB savings account PNB time deposit 500,000 300,000 Cash on hand includes the following items: a. Customer's check for P60,000 returned by bank on December 26, 2020 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2021. b. Customer's check for P30,000 dated January 2, 2021, received on December 29, 2020. c. Postal money orders received from customers, P36,000. The petty cash fund consisted of the following items as of December 31, 2020. Currency and coins Employees' vales P 2,100 1,600 Currency in an envelope marked "collections for charity" with names attached 1,200 Unreplenished petty cash vouchers 800 Check drawn by Should Corporation, payable to the petty cashier 4,600 P10,300 Included among the checks drawn by Should Corporation against the BPI current account and recorded in December 2020 are the following: a. Check written and dated December 29, 2020 and delivered to payee on January 2, 2021, P50,000. b. Check written on December 27, 2020, dated January 2, 2021, delivered to payee on December 29, 2020, P86,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2020. The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment. This account is expected to be disbursed in the next 3 months from the balance sheet date. Compute for the adjusted balances of following: 1. Cash on hand а. Р408,000 b. P282,000 c. P246,000 d. P342,000 2. Petty cash fund а. Р6,700 b. P2,100 c. P9,100 d. P10,000 3. BPI current account a. P1,000,000 b. P914,000 c. P1,086,000 d. P950,000