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compute for adjusted book balance as on november 30 , adjusted bank receipts for december ; adjusted bank disbursements for December Please show complete solutions.

compute for adjusted book balance as on november 30 , adjusted bank receipts for december ; adjusted bank disbursements for December Please show complete solutions.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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compute for adjusted book balance as on november 30 , adjusted bank receipts for december ; adjusted bank disbursements for December Please show complete solutions.
You are examining the records of Shala Company where internal control is identified to be weak. Part of your audit includes reconciliation of cash shortage for December 2021. You have determined that Shala's cash reconciliation as of November 30, 2021 is correct. The following information is available to you: Shala's bank reconciliation, November 2021 Cash per general Ledger Less: Cash on hand Less: Bank Service Charge Add: Outstanding Checks Balance per Bank Cash receipts is summarized weekly. The cash receipts book for December is show below: Dec 1 8 15 22 29 8 10 12 Balance from November 30 Received on accounts Received on accounts Received on accounts Received on accounts The cash payments record for December shows the following details: Dec 1 November Service Charge 3 5 19 22 31 31 526,348 42,178 484,170 1,800 482,370 198,200 680,570 Checks Checks Checks Checks Checks Checks Checks Checks Balance 526,348 5,154,960 5,489,512 931,964 1,177,370 13,060,154 1,800 1,047,300 729,042 3,278,978 3,174,684 969,778 724,566 738,418 1,531,540 862,248 13,060,154 s per Cash on hand on December 31 amounted to P 20,000. The transaction December bank statement, which are correctly recorded by the bank, shows that deposits amounted to P12,574,184, checks paid amounted to P11,590,406, service charge for the month was P2,000 and a charge of P20,000 was made against the account because of the return unpaid of customer's check. The service charge and the returned check were not recorded in Shala's books. The total outstanding checks as of December 31 was found to be P822,100
Transcribed Image Text:You are examining the records of Shala Company where internal control is identified to be weak. Part of your audit includes reconciliation of cash shortage for December 2021. You have determined that Shala's cash reconciliation as of November 30, 2021 is correct. The following information is available to you: Shala's bank reconciliation, November 2021 Cash per general Ledger Less: Cash on hand Less: Bank Service Charge Add: Outstanding Checks Balance per Bank Cash receipts is summarized weekly. The cash receipts book for December is show below: Dec 1 8 15 22 29 8 10 12 Balance from November 30 Received on accounts Received on accounts Received on accounts Received on accounts The cash payments record for December shows the following details: Dec 1 November Service Charge 3 5 19 22 31 31 526,348 42,178 484,170 1,800 482,370 198,200 680,570 Checks Checks Checks Checks Checks Checks Checks Checks Balance 526,348 5,154,960 5,489,512 931,964 1,177,370 13,060,154 1,800 1,047,300 729,042 3,278,978 3,174,684 969,778 724,566 738,418 1,531,540 862,248 13,060,154 s per Cash on hand on December 31 amounted to P 20,000. The transaction December bank statement, which are correctly recorded by the bank, shows that deposits amounted to P12,574,184, checks paid amounted to P11,590,406, service charge for the month was P2,000 and a charge of P20,000 was made against the account because of the return unpaid of customer's check. The service charge and the returned check were not recorded in Shala's books. The total outstanding checks as of December 31 was found to be P822,100
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