The Silver Company's internal control over its cash transactions is...

The Silver Company's internal control over its cash transactions is very weak. Actually, the company's cash position at December 31, 2020 were as follows:

The cash book showed a balance of P15,000, which included a cash on hand. A credit of P155 on the bank's records did not appear on the company's books. The bank statement showed a balance of P12,300; and the outstanding checks were 0100-P130; 0201-P100; 0300-P230; 1501-P110; 1510-P140 and 1515-P150.

The cashier removed all of the cash on hand in excess of P3,000 and then prepared the following reconciliation:

Balance per books,12/31/2020 P15,000

Add: Oustanding checks

No. 1501 P110

1510 140

1515 150 300

P15,300

Deduct- Cash on hand 3,000

Balance per bank, Dec 31, 2020 P12,300

Deduct- Unrecorded credit 150

True cash, 12/31/2020 P12,150

Required:

1. Cash shortage, if any

2. Cashier's accountability for cash on hand

3. Adjusted cash in bank, 12/31/2020