The December 31, 2019 trial balance of Cagayan Company includes the following accounts: Cash on hand 200,000 Petty cash fund 20,000 BPI current account 5,000,000 BDO current account 4,000,000 MBTC current account (100,000) RCBC savings account 250,000 BDO time deposit, 90 days 2,000,000 90-day Treasury bills due, January 14,2020 1,000,000 ● Cash on hand includes the following items: - Customer’s check for P35,000 returned by bank December 26, 2019 due to insufficient fund but subsequently redeposited and cleared by the bank on January 10, 2020. - Customer’s check for P15,000 dated January 10, 2020 received December 23, 2019. ● The petty cash fund consisted of the following items as of December 31, 2019: Currency and coins 5,000 IOUs from an officer 2,000 Unreplenished PC vouchers 12,000 ● Included among the checks drawn by Cagayan against the BPI current account and recorded in December 2019 are the following: - Check written and dated December 23, 2019 and delivered to payee on December 31, 2019, P25,000. - Check written December 26, 2019, dated January 30, 2020, delivered to payee on December 28, 2019, P45,000. ● The credit balance in MBTC current account represents checks drawn in excess of the deposit balance which are still outstanding at December 31, 2019. ● The savings account of RCBC has been set aside by the Board of Directors for acquisition of new equipment. This amount is expected to be disbursed in the next 3 months from the end of the reporting period. The amount reported as “cash” on December 31, 2019 is __________.
The December 31, 2019
Cash on hand 200,000
Petty cash fund 20,000
BPI current account 5,000,000
BDO current account 4,000,000
MBTC current account (100,000)
RCBC savings account 250,000
BDO time deposit, 90 days 2,000,000
90-day Treasury bills due, January 14,2020 1,000,000
● Cash on hand includes the following items:
- Customer’s check for P35,000 returned by bank December 26, 2019 due to
insufficient fund but subsequently redeposited and cleared by the bank on January
10, 2020.
- Customer’s check for P15,000 dated January 10, 2020 received December 23, 2019.
● The petty cash fund consisted of the following items as of December 31, 2019:
Currency and coins 5,000
IOUs from an officer 2,000
Unreplenished PC vouchers 12,000
● Included among the checks drawn by Cagayan against the BPI current account and
recorded in December 2019 are the following:
- Check written and dated December 23, 2019 and delivered to payee on December
31, 2019, P25,000.
- Check written December 26, 2019, dated January 30, 2020, delivered to payee on
December 28, 2019, P45,000.
● The credit balance in MBTC current account represents checks drawn in excess of the
deposit balance which are still outstanding at December 31, 2019.
● The savings account of RCBC has been set aside by the Board of Directors for
acquisition of new equipment. This amount is expected to be disbursed in the next 3
months from the end of the reporting period.
The amount reported as “cash” on December 31, 2019 is __________.
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