You were able to gather the following from the December 31, 2020 trial balance of PPP COMPANY: Cash on hand P 500,000 Petty cash fund 10,000 BPI current account 1,000,000 Security Bank current account No. 1 1,080,000 Security Bank current account No. 2 (80,000) PNB savings account 1,200,000 PNB current account 500,000 Cash on hand includes the following items: Customer’s check for 45,000 returned by bank on December 26, 2020 due to insufficiency of funds but subsequently redeposited and cleared by the bank on January 8, 2021 Customer’s check for 25,000 dated January 2, 2021, received in December 29, 2020 Postal money orders received from customers 30,000 The petty cash fund consisted of the following items as of December 31, 2020 Currency and coins P 2,000 Employees’ vales 1,600 Currency in envelope marked “collections for charity 1,200 Unreplenished petty cash vouchers 1,300 Check drawn by PPP payable to petty cash custodian 4,000 10,100 Included among the checks drawn by PPP against the BPI current account and recorded in December 2020 are the following: Checks written and dated December 29 2020 and delivered to payee on January 2, 2021, 80,000. The accountant neglected to record the check. Checks written on December 27, 2020 , dated January 2, 2021, delivered to payee on December 29, 2020 , 40,000 The credit balance in the Security Bank account No.2 represents checks drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2020 . The savings account deposit in PNB has been set aside by the board for acquisition of new equipment. This account is expected to be disbursed in the next 3 months from the balance sheet date. Based on the above information, determine the adjusted balance of the following: 20. Cash on hand 21. Petty cash fund 22. BPI current account 23. Cash and Cash equivalents
You were able to gather the following from the December 31, 2020
balance
Cash on hand P 500,000
Petty cash fund 10,000
BPI current account 1,000,000
Security Bank current account No. 1 1,080,000
Security Bank current account No. 2 (80,000)
PNB savings account 1,200,000
PNB current account 500,000
Cash on hand includes the following items:
Customer’s check for 45,000 returned by bank on December 26, 2020 due
to insufficiency of funds but subsequently redeposited and cleared by
the bank on January 8, 2021
Customer’s check for 25,000 dated January 2, 2021, received in
December 29, 2020
Postal money orders received from customers 30,000
The petty cash fund consisted of the following items as of December 31, 2020
Currency and coins P 2,000
Employees’ vales 1,600
Currency in envelope marked “collections for charity 1,200
Unreplenished petty cash vouchers 1,300
Check drawn by PPP payable to petty cash custodian 4,000
10,100
Included among the checks drawn by PPP against the BPI current account and
recorded in December 2020 are the following:
Checks written and dated December 29 2020 and delivered to payee on
January 2, 2021, 80,000. The accountant neglected to record the check.
Checks written on December 27, 2020 , dated January 2, 2021, delivered
to payee on December 29, 2020 , 40,000
The credit balance in the Security Bank account No.2 represents checks drawn
in excess of the deposit balance. These checks were still outstanding at
December 31, 2020 . The savings account deposit in PNB has been set aside
by the board for acquisition of new equipment. This account is expected to
be disbursed in the next 3 months from the balance sheet date.
Based on the above information, determine the adjusted balance of the
following:
20. Cash on hand
21. Petty cash fund
22. BPI current account
23. Cash and Cash equivalents
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