Erroneous bank credit 500 book balance p20 200

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Erroneous bank credit (500 ) Book balance P20 ,200 December 31, 2018 Balance per bank statement P 135,000 Cash on hand 6 ,300 Total 141,300 Outstanding checks: No. 2674P31,000 2675 10,300 2676 5 ,000 (41,300) Erroneous bank charge 3,000 Erroneous bank credit (600 ) Book balance P102 ,400 B. The Cash in Bank account in the general ledger shows the following debits and credits during December: Cash in Bank Dec. Dec. 1 Balance P20,200 1 Checks issuedP2,000 2 Received from customers4,500 5 Checks issued5,200 7 Received from customers5,000 14 Checks issued31,000 12 Received from customers20,000 24 Checks issued 46,000 17 Received from customers30,000 28 Checks issued 7,600 23 Received from customers9,000 27 Received from customers70,000 31 Received from customers 48,500 31 Balance 102,400 Total P198,200 Total P198,200 Page 14 C. The following summarized transactions were taken from the bank statement for the month of December 2018: Balance, December 1, 2018 P16,500
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Total deposits P173,700 The total deposits per bank statement include: a. Collection of notes receivable P5,000 b. Correction of November erroneous bank charge 2,000 c. December 10 deposit of Lava, Inc. credited in error to SANDOVAL 600 Total P7 ,600 Total checks P65,200 The total checks per bank statement include: a. Correction of November erroneous bank credit P 500 b. December check of Nile Co. charged in error to SANDOVAL 3 ,000 Total P3 ,500 D. Cash on hand per count in the morning of January 2, 2019, amounted to P6,300. E. Before leaving his company for a one-week vacation, the proprietor had left several signed blank checks that the cashier-bookkeeper had cashed for his personal use. 1. What is the adjusted cash balance on November 30, 2018? A. P16,500 B. P13,200 C. P20,200 D. P14,500 2. The amount of unaccounted receipts in December is A. P11,000 B. P13,200 C. P9,000 D. P15,100 3. The amount of unrecorded/unsupported disbursements in December is A. P15,100 B. P10,900 C. P7,000 D. P5,000 4. What is the total cash shortage as of December 31, 2018? A. P26,000 B. P15,100 C. P33,000 D. P7,000 5. What is the adjusted cash balance on December 31, 2018? A. P102,400 B. P125,000 C. P87,400 D. P111,400 Page 15 PROBLEM NO. 9 – AUDIT OF INVENTORIES The cost of goods sold section of the income statement prepared by your client for the year ended December 31 appears as follows:
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Inventory, January 1 P 240,000 Purchases 4,800,000 Cost of goods available for sale P5,040,000 Inventory, December 31 300,000 Cost of goods sold P4,740,000 Although the books have been closed, your working paper trial balance is prepared showing all accounts with activity during the year. This is the first time your firm has made an examination. The January 1 and December 31 inventories appearing above were determined by physical count of the goods on hand on those dates and no reconciling items were considered. All purchases are FOB shipping point. In the course of your examination of the inventory cutoff, both at the beginning and end of the year, you discovered the following facts: Beginning of the Year 1. Invoices totaling P75,000 were entered in the voucher register in January, but the goods were received during December.
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