You noted the following composition of Malabon Company’s “cash account” as of December 31, 2018 in connection with your audit: Demand deposit accountP2,000,000Time deposit – 30 days1,000,000NSF check of customer40,000Money market placement (due June 30, 2019)1,500,000Savings deposit in a closed bank100,000IOU from employee20,000Pension fund3,000,000Petty cash fund10,000Customer’s check dated January 1, 201950,000Customer’s check outstanding for 18 months       40,000TotalP7,760,000 Additional information follows:a)    Check of P200,000 in payment of accounts payable was recorded on December 31, 2018 but mailed to suppliers on January 5, 2019.b)    Check of P100,000 dated January 15, 2019 in payment of accounts payable was recorded and mailed on December 31, 2018.c)    The company uses the calendar year.  The cash receipts journal was held open until January 15, 2019, during which time P400,000 was collected and recorded on December 31, 2018. The cash and cash equivalents to be shown on the December 31, 2018 balance sheet is

You were able to gather the following from the December 31, 2018 trial balance of Mandaluyong Corporation in connection with your audit of the company: Cash on handP  500,000Petty cash fund10,000BPI current account1,000,000Security Bank current account No. 011,080,000Security Bank current account No. 02(80,000)PNB savings account1,200,000PNB time deposit500,000 Cash on hand includes the following items: a.    Customer’s check for P40,000 returned by bank on December 26, 2018 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2019.b.    Customer’s check for P20,000 dated January 2, 2019, received on December 29, 2018.c.    Postal money orders received from customers, P30,000. The petty cash fund consisted of the following items as of December 31, 2018. Currency and coinsP  2,000Employees’ vales1,600Currency in an envelope marked “collections for charity” with names attached 1,200Unreplenished petty cash vouchers1,300Check drawn by Mandaluyong Corporation, payable to the petty cashier      4,000 P10,100 Included among the checks drawn by Mandaluyong Corporation against the BPI current account and recorded in December 2018 are the following: a.    Check written and dated December 29, 2018 and delivered to payee on January 2, 2019, P80,000.b.    Check written on December 27, 2018, dated January 2, 2019, delivered to payee on December 29, 2018, P40,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance.  These checks were still outstanding at December 31, 2018. The savings account deposit in PNB has been set aside by the board of directors 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 and the result of your audit, determine the adjusted balance of cash on hand.

In the audit of Pasig Company’s cash account, you obtained the following information: The company’s bookkeeper prepared the following bank reconciliation as of November 30, 2018: Bank balance – November 30, 2018  P90,800Undeposited collections  5,000Bank service charges  100Bank collection of customer’s note  (8,000)Outstanding checks:    NumberAmount  7159P3,000  77675,000  79152,000 (10,000)Book balance – November 30, 2018  P77,900 Additional data are given as follows: a.    Company recordings for December:Total collections from customersP165,000Total checks drawn98,000 b.    Bank statement totals for December :ChargesP123,800Credits169,000 c.    Check no. 7159 dated November 25, 2018, was entered as P3,000 in payment of a voucher for P30,000.  Upon examination of the checks returned by the bank, the actual amount of the check was P30,000. d.    Check no. 8113 dated December 20, 2018 was issued to replace a mutilated check (no.7767), which was returned by the payee.  Both checks were recorded in the amount drawn, P5,000, but no entry was made to cancel check no. 7767. e.    The December bank statement included a check drawn by Sipag Company for P1,500. f.     Undeposited collections on December 31, 2018 - P8,000. g.    The service charge for December was P150 which was charged by the bank to another client. h.    The bank collected a note receivable of P7,000 on December 28, 2018, but the collection was not received on time to be recorded by Pasig.i.    The outstanding checks on December 31, 2018, were: Check No.AmountCheck No.Amount7767P5,0008910P2,30088561,30089254,100 Based on the above and the result of your audit, determine the adjusted cash balance as of November 30, 2018.

Cash control account balance of the business on 2021.12.31 and bank statement balance on the samedate were different due to the following reasons.(a) Rs. 50 000 directly deposited by a debtor directly at bank was not recorded in the books.(b) Own life insurance premium of Gayathri paid from the business fund was not recorded in theaccounting books.(c) Bank overdraft interest Rs. 15 000 in bank statement was not recorded in the accounting booksup to 31.12.2021.Required,1. Profit or loss statement for the year ended 2021.12.312. Statement of financial position as at 2021.12.31

Your audit of Banayoyo Corporation for the year ended December 31, 2018 revealed that the Accounts Receivable account consists of the following: Trade accounts receivable (current)P3,440,000Past due trade accounts 640,000Uncollectible accounts128,000Credit balances in customers’ accounts(80,000)Notes receivable dishonored240,000Consignment shipments – at costThe consignee sold goods costing P96,000 for P160,000.  A 10% commission was charged by the consignee and remitted the balance to Banayoyo.  The cash was received in January, 2019.        320,000TotalP4,688,000 The balance of the allowance for doubtful accounts before audit adjustment is a credit of P80,000.  It is estimated that an allowance should be maintained to equal 5% of trade receivables, net of amount due from the consignee who is bonded.  The company has not provided yet for the 2018 bad debt expense.Based on the above and the result of your audit, determine the adjusted balance of Allowance for doubtful accounts.Select one:a.P204,000b.P179,200c.P216,000d.P172,000

The general cash account is considered significant in almost all auditsSelect one:a.where the beginning balance is materialb.except those of not-for-profit organizationsc.where the ending balance is materiald.even when the ending balance is immaterial