Exercises for Bank reconciliation and Proof of Cash

Problem 1.
The bank statement for the current account of Dahyun Co. showed a December 31, 2020,
balance of P585,284. Information that might be useful in preparing a bank reconciliation is as
follows:
a. Outstanding checks were P52,810
b. The December 31, 2020, cash receipts of P23,000 were not deposited in the bank until
January 2, 2021.
c. One check written in payment of rent P8,940 was correctly recorded by the bank but was
recorded by Dahyun Co. as a P9,840 disbursement.
d. In accordance with prior authorization, the bank withdrew P18,000 directly from the current
account as payment on a mortgage note payable. Dahyun Co. has made no entry to record the
automatic payment.
e. Bank service charges of P740 were listed on the bank statement.
f. A deposit of P35,000 was recorded by the bank on December 12, but it did not belong to
Dahyun Co.
g. The bank statement Include a charge of P3,400 for a not-sufficient-fund check. The company
will seek payment from the customer
Requirements: (a) What is the cash in bank per books on December 31, 2020? (b) What is the
adjusted cash in bank balance on December 31,2020?

Problem 2.
The following information pertains to the cash account of Mina Co.:
a. Balance per bank December 1, 2020 P145,000
b. Total bank receipts (credits) in December 346,000
c. Balance per bank, December 31,2020 114,500
d. Outstanding checks, November 31, 2020 (including P12,000 paid by the
bank in December) 67,000
e. Outstanding checks, December 31, 2020 (including checks issued in
November) 94,162
f. Deposit in Transit, November 30, 2020
39,458
g. A customer’s check received on December 4, 2020 was returned by
bank on December 7 marked “NSF”. It was redeposited on December
8,2020. The only entry made was to take up the collection on December
4,2020. 11,143
Requirements: (a) What is the total book receipts on December? (b) What is the total bank
disbursements in December? (c) What is the total book disbursements in December?
Problem 3
The following was obtained in connection with Jihyo Co.’s cash account as of December
31,2020.
Outstanding checks, Nov. 30, 2020 P16,250
Outstanding checks, Dec. 31,2020 12,500
Deposit in transit, Nov.30 2020 12,500
Cash balance per general ledger Dec. 31, 2020 37,500
Actual company collections from customer during December 152,500
Company checks paid by bank in December 130,000
Bank service charges recorded on company books in December. 2,500
Bank service charges per December bank statement 3,250
Deposits credited by the bank during December 145,000
November bank service charges recorded on company books in December 1,500

The cash receipts per book of December is understated by P2,500.

The bank erroneously charged the company’s account for P3,750 check of another depositor.
This bank error was corrected in January 2021.
Requirements: Compute for the following:
1. Deposit in transit on December 31, 2020
2. Unrecorded bank service charges as of December 31, 2020
3. Total book receipts in December
4. Total amount of check issued by the company for the month of December
5. Total book disbursements
6. Book balance on November 30, 2020
7. Bank balance on November 30, 2020
8. Total bank receipts in December
9. Total bank disbursements in December
10. Bank balance on December 31, 2020