The December bank statement, which has a beginning balance of P96,800, is reproduced below: Robinsons Bank Account Name: Can't Stop Me Company Credits P18,000 40,000 Date Debits December 01 December 02 P7,200 December 04 24,000 December 06 December 08 December 10 48,000 400,000 См8з 40,000 DM97 December 11 56,000 December 16 December 18 20,000 64,000 72,400 80,000 64.000 CM84 PR42.400 December 21 December 28 36,000 December 31 Totals 4.000 DM98 PI31.200 DM97- Customers DAIF check CM83- Note collected by the bank CM84- Account collected by the bank DM98- Service Charges The company's cash receipts and cash disbursement journals for the month of December 2020 are provided below: The company s cash in Bank Ledger appears below: Cash Receipts Journal OR No. Amount Cash Disbursements Journal Check No Amount Date Date Dec. 01 P16,000 24,000 32,000 Dec. 01 415 P40,000 48,000 56,000 64,000 72,000 80,000 B৪,000 286 05 10 416 03 10 287 288 417 17 418 14 289 20,000 28,000 36,000 40,000 44,000 48,000 P304 000 20 419 20 290 27 31 420 421 23 26 291 292 28 293 31 294 Total total Cash in Bank Balance 12/01/10 G) 12/10/10 G(CM83)400,000 12/31/10 CRI PS8,640 40,320 12/31/10 CDJ P304,000 440,800 Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: 10.How much is the outstanding checks as of December 31, 2020? 11. How much is the adjusted book receipts for December, 2020? 12. How much is the adjusted book disbursements for December, 2020? 13. How much is the adjusted cash balance as of December 31, 2020?

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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The December bank statement, which has a beginning balance of P96,800, is reproduced below:
Robinsons Bank
Account Name: Can't Stop Me Company
Credits
Date
December 01
December 02 P7,200
December 04
December 06
Debits
P18,000
40,000
24,000
48,000
400,000 CM83
December 08
December 10
40,000 DM97
December 11
56,000
December 16
December 18
20,000
64,000
72,400
80,000
64.000 CM84
PR42.400
December 21
December 28
December 31
Totals
36,000
4.000 DM98
P131.200
DM97- Customers DAIF check
CM83- Note collected by the bank
CM84- Account collected by the bank
DM98- Service Charges
The company's cash receipts and cash disbursement journals for the month of December 2020 are
provided below:
The company' s cash in Bank Ledger appears below:
Cash Receipts Journal
OR No. Amount
Cash Disbursements Journal
Check No Amount
Date
Date
Dec. 01
Dec. 01 415
P40,000
48,000
56,000
64,000
286
P16,000
05
10
416
417
03
10
287
288
24,000
32,000
20,000
28,000
36,000
40,000
44,000
48,000
P304 000
17
418
14
289
20
419
72,000
20
290
27
31
420
421
80,000
88,000
23
26
291
292
28
293
31
total
294
Total
PA40 B00
Cash in Bank
PS8,640
40,320
12/10/10 GCM83)400,000
440,800
Balance
12/31/10 CDJ P304,000
12/01/10 G)
Based on the application of the necessary audit procedures and appreciation of the above data, you
are to provide the answers to the following:
10.How much is the outstanding checks as of December 31, 2020?
11. How much is the adjusted book receipts for December, 2020?
12. How much is the adjusted book disbursements for December, 2020?
13. How much is the adjusted cash balance as of December 31, 2020?
14. How much is the cash shortage as of December 31, 2020?
Transcribed Image Text:The December bank statement, which has a beginning balance of P96,800, is reproduced below: Robinsons Bank Account Name: Can't Stop Me Company Credits Date December 01 December 02 P7,200 December 04 December 06 Debits P18,000 40,000 24,000 48,000 400,000 CM83 December 08 December 10 40,000 DM97 December 11 56,000 December 16 December 18 20,000 64,000 72,400 80,000 64.000 CM84 PR42.400 December 21 December 28 December 31 Totals 36,000 4.000 DM98 P131.200 DM97- Customers DAIF check CM83- Note collected by the bank CM84- Account collected by the bank DM98- Service Charges The company's cash receipts and cash disbursement journals for the month of December 2020 are provided below: The company' s cash in Bank Ledger appears below: Cash Receipts Journal OR No. Amount Cash Disbursements Journal Check No Amount Date Date Dec. 01 Dec. 01 415 P40,000 48,000 56,000 64,000 286 P16,000 05 10 416 417 03 10 287 288 24,000 32,000 20,000 28,000 36,000 40,000 44,000 48,000 P304 000 17 418 14 289 20 419 72,000 20 290 27 31 420 421 80,000 88,000 23 26 291 292 28 293 31 total 294 Total PA40 B00 Cash in Bank PS8,640 40,320 12/10/10 GCM83)400,000 440,800 Balance 12/31/10 CDJ P304,000 12/01/10 G) Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: 10.How much is the outstanding checks as of December 31, 2020? 11. How much is the adjusted book receipts for December, 2020? 12. How much is the adjusted book disbursements for December, 2020? 13. How much is the adjusted cash balance as of December 31, 2020? 14. How much is the cash shortage as of December 31, 2020?
Problem 4.
Your audit senior instructed you to prepare a four column proof of cash receipts and disbursements for
the month of December, 2020. The bank reconciliation prepared by Can't Stop Me Company at
November 30 is reproduced below:
Unadjusted bank balance
Add: deposit in transit
P96,800
18,000
Unadjusted book balance
Add: CM-Note collected
P58,640
40,320
Total
114,800
Total
98,960
Less outstanding
less: DM bank charges
160
P2,400
7,200
4,800
1,600
Checks: No. 276
282
284
285
16,000
P98,800
Adjusted balance
P98,800
Adjusted balance
This is your personal copy. Do not upload/share to any unauthorized sites/groups without your
teacher's permission. Thank you.
Transcribed Image Text:Problem 4. Your audit senior instructed you to prepare a four column proof of cash receipts and disbursements for the month of December, 2020. The bank reconciliation prepared by Can't Stop Me Company at November 30 is reproduced below: Unadjusted bank balance Add: deposit in transit P96,800 18,000 Unadjusted book balance Add: CM-Note collected P58,640 40,320 Total 114,800 Total 98,960 Less outstanding less: DM bank charges 160 P2,400 7,200 4,800 1,600 Checks: No. 276 282 284 285 16,000 P98,800 Adjusted balance P98,800 Adjusted balance This is your personal copy. Do not upload/share to any unauthorized sites/groups without your teacher's permission. Thank you.
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