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  • Accounting 102

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    elsana philip
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    The document provides accounting information for a company's cash balances as of December 31, 2018. It lists the balance per bank statement as P250,000, the balance per ledger as P350,000, and cash in a sinking fund of P300,000. It also notes an outstanding check for P75,000 that was recorded on December 31st but not mailed until January 15th. The correct amount to record for cash under current assets is P900,000, which is the total of the bank statement, ledger, and sinking fund balances, less the outstanding check.

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    The document provides accounting information for a company's cash balances as of December 31, 2018. It lists the balance per bank statement as P250,000, the balance per ledger as P350,000, and cash in a sinking fund of P300,000. It also notes an outstanding check for P75,000 that was recorded on December 31st but not mailed until January 15th. The correct amount to record for cash under current assets is P900,000, which is the total of the bank statement, ledger, and sinking fund balances, less the outstanding check.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    15 views2 pages

    Accounting 102

    Uploaded by

    elsana philip
    The document provides accounting information for a company's cash balances as of December 31, 2018. It lists the balance per bank statement as P250,000, the balance per ledger as P350,000, and cash in a sinking fund of P300,000. It also notes an outstanding check for P75,000 that was recorded on December 31st but not mailed until January 15th. The correct amount to record for cash under current assets is P900,000, which is the total of the bank statement, ledger, and sinking fund balances, less the outstanding check.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 2

    c.

    P2,825,000

    d. P5,025,000

    Solution: Answer (b)

    Savings account at PS Bank P1,200,000

    Checking account at PS Bank 1,800,000

    Petty cash fund 10,000

    Currency and coin 15,000

    Total P3,025,000

    PROBLEM 12-5

    Provided the following on December 31,2018:

    Balance per bank statement P250,000

    Balance per ledger 350,000

    Cash in sinking fund 300,000

    Check drawn on Carlo’s account payable to vendor, dated and

    Recorded 12/31/18; not mailed until 1/15/19 75,000

    What amount should be charged to “cash” under current assets?

    a. 425,000

    b. 975,000

    c. 900,000

    d. 725,000

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