Core Company provided the following data for the purpose of reconciling the cash balance per book with the cash balance per bank statement on December 31: Balance per book                                                                        850,000 Balance per bank statement                                                       2,000,000 Outstanding checks, including certified check of P100,000       500,000 Deposit in transit                                                                        200,000 December NSF checks, of which P50,000 had been redeposited and cleared on December                             27 150,000 Erroneous credit to Core’s account, representing proceeds of loan granted to another company                          300,000 Proceeds of note collected by bank for Core, net of service charge of P20,000                                                  750,000 What amount should be reported as cash in bank at year-end?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Core Company provided the following data for the purpose of reconciling the cash
balance per book with the cash balance per bank statement on December 31:


Balance per book                                                                        850,000
Balance per bank statement                                                       2,000,000
Outstanding checks, including certified check of P100,000       500,000
Deposit in transit                                                                        200,000
December NSF checks, of which P50,000 had
been redeposited and cleared on December                             27 150,000
Erroneous credit to Core’s account, representing
proceeds of loan granted to another company                          300,000
Proceeds of note collected by bank for Core,
net of service charge of P20,000                                                  750,000


What amount should be reported as cash in bank at year-end?

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