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The treasurer of STARR COMPANY prepared the following correct bank reconciliation as of April:
Balance per bank statement, April 30 P470,360
Add: Deposit in transit 29,360
Deduct: Outstanding checks (144,800)
Adjusted Balance 354,920
The Starr Company deposits shown on the bank statement include the proceeds of a P240,000
note payable drawn by the treasurer of Starr Company payable to the bank in 60 days. No entry was made for the
note in the company's books. The total cash receipts as shown by Starr Company records amount to P654,400, and
the total checks recorded amount to P613,120. This latter total does not include one check drawn and signed by
the treasurer payable to himself. The treasurer has disappeared. No record of this check appears anywhere in the
company's records. Checks outstanding on May 31, 2012, total P133,600 The DAIF check and the service charge for
April were recorded by the company in May.
REQUIRED:
1. By preparing a proof of cash, determine the following