Cash in bank:

Cash in bank-demand deposit -adjusted ₱ 3,200,000

Saving deposit 1,000,000

Cash Equivalents:
Time deposit - 30 days ₱ 500,000
Money market placement due on June 30, 2021 2,000,000
Cash and Cash Equivalents ₱ 6,700,000

Cash in bank - demand deposit balance ₱ 3,000,000

Add:
Undelivered checks ₱ 100,000
Post Dated Check - Delivered 300,000
Deduct:
Window Dressing - Collection - 200,000
Cash in bank-demand deposit -adjusted ₱ 3,200,000

Balance per ledger ₱ 9,500,000

Not included: (Deduct)
NSF Check of customer 200,000
Pension Fund 1,500,000
IOU from an employee 300,000
Customer check dating Jan.31, 2021 600,000
Customer check outstanding for 18 months 400,000
Total ₱ 6,500,000

Add:
Undelivered checks 100,000
Post Dated Check - Delivered 300,000
Deduct:
Window Dressing - Collection - 200,000
Cash and Cash Equivalents ₱ 6,700,000
1. What is the balance per bank on July 31?
Balance July 1 ₱ 550,000
Deposits 1,800,000
Checks processed -1,400,000
Service charge -30,000
NSF Check -120,000
Monthly payment deducted by bank from account -100,000
Balance July 31 ₱ 700,000

2. What is the adjusted cash in bank on July 31?

Balance per bank statement: ₱ 700,000
Add:
Deposit in Transit 100,000
Bank error - overstatement of disbursement (computation below) 270,000
Deduct:
Outstanding check -150,000
Adjusted Bank Balance ₱ 920,000

Computation to the bank error:

Recorded by bank ₱ 300,000
Correct amount of disbursement -30,000
Bank error - overstatement of disbursement ₱ 270,000

3. What is the cash in bank balance per ledger on July 31?

Balance per book/ledger ₱ 990,000
Add:
Bank error- understatement of collection 180,000

Deduct:
Deposit in transit 100,000
NSF Check 120,000
Service charge 30,000

Adjusted balance per ledger ₱ 920,000

1. What is the adjustment cash in bank on December 31, 2019?
Cash on bank:
Checkbook balance ₱ 4,000,000
Undeposited collections 400,000
Post Dated check - 200,000
Adjusted Cash in Bank ₱ 4,200,000

2. What total amount should be reported at cash on December 31, 2019?

Adjusted Cash in Bank ₱ 4,200,000
Petty Cash Fund:
Coins and currencies ₱ 5,000
Petty cash vouchers 40,000 ₱ 45,000
Total Amount of cash ₱ 4,245,000
1. What amount should be reported as cash in bank on June 30?
Book Balance reconciled with bank balance:
Balance per books ₱ 8,500,000
Add: Collection from notes 950,000
Less: Bank Service Charge - 20,000
NSF Check - 250,000
Error in recoding Check (200,000-20,000) - 180,000
Cash Balance per bank statement ₱ 9,000,000

2. What is the balance per bank statement on June 30?

Balance as per cash book ₱ 8,500,000
Add:
Bank collected note proceeds ₱ 950,000
Check Outstanding 200,000 1,150,000
Less:
Check deposited but not cleared - 1,000,000
Payment shortly recorded in the books - 180,000
NSF Check - 250,000
Service charge - 20,000 - 1,450,000
Balance as per bank statement ₱ 8,200,000

3. What is the net adjustment to cash in bank on June 30?

Balance as per book ₱ 8,500,000
Add:
Colelction of notes 950,000
Total ₱ 9,450,000
Less:
Service charge -₱ 20,000
NSF check - 250,000
Error in recording check (200,000-20,000) - 180,000 - 450,000
Adjusted Cash balance ₱ 9,000,000
 Jorjan Company
Bank Reconciliation Statement
August 31, 20xx

Balance as per bank ₱ 1,300,000

Add:
Undeposited Collections 275,000
Total ₱ 1,575,000
Less:
Check Oustanding
No. 761 -₱ 55,000
No. 762 - 40,000
No. 763 - 25,000
No. 764 - 65,000
No. 765 - 50,000 -₱ 235,000
Adjusted bank balance ₱ 1,340,000

Balance as per book ₱ 1,200,000

Add:
Overstatement of Check No. 765 (70,000-50,000) ₱ 20,000
Check No. 555 stopped payment 10,000 30,000
Total ₱ 1,230,000
Less:
Service Charge ₱ 5,000
NSF Check 85,000 90,000
Adjusted cash balance ₱ 1,140,000
1. What is the amount of checks outstanding on June 30?
₱ 2,400,000
- 2,300,000
₱ 100,000

2. What is the amount of deposit in transit on June 30?

₱ 1,800,000
- 1,700,000
₱ 100,000

3. What amount should be reported as adjusted cash in bank on June 30?

Balance per book ₱ 1,750,000
Notes Receivable ₱ 500,000
Add: Intrest 50,000 550,000
Less: NSF Checks - 100,000
Adjusted Cash in Bank Balance ₱ 2,200,000
1. What is adjusted cash in bank on July 31?
Cash balance per bank statement June 30 ₱ 25,000,000
Deposits -₱ 9,000,000
Outstanding checks received - 3,000,000
Addition to deposit in transit - 600,000
Disbursement - 7,000,000 - 19,600,000
Adjusment cash in bank on July 31 ₱ 5,400,000

Working Notes:
Total Outstanding check on June 30 ₱ 900,000
Total Outstanding check on June 31 600,000
Checks received 300,000

Deposit in Transit on June 30 ₱ 400,000

Deposit in Transit on June 31 1,000,000
Addition to deposit in transit 600,000

2. What is the cash balance per book on July 31?

Cash Balance per bank statement ₱ 5,400,000
Service Charge 10,000
NSF Check 140,000
Notes Collected - 200,000
Cash Balance per book on July 31 ₱ 5,350,000

3. What is the amount of cash receipts per book in July?

Deposits ₱ 9,000,000
Add:
Deposits 600,000
Less:
Note Collected - 200,000
Cash receipts per book in JULY ₱ 9,400,000

4. What is the amount of cash disbursement per book in July?

Disbursements per bank statement for July ₱ 7,000,000
NSF Check in July - 140,000
Service Charge in July - 10,000
Outstanding checks - June 30 - 900,000
Outstanding checks - June 31 600,000
Cash Disbursement per book for July ₱ 6,550,000