17 Proof of Cash

Problem 17-1

Lazer Company had the following bank reconciliation on June 30, 2014:

Balance per bank statement, June 30 3,000,000

Deposit in transit 400,000

Total 3,000,000
Outstanding checks ( 900,000)

Balance per book, June 30 2,500,000

The bank statement for the month of July showed the following:

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er as
Deposits (including P200,000 note collected for Lazer) 9,000,000

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Disbursement (including P140,000 NSF check
and P10,000 service charge) 7,000,000

o.
rs e
All reconciling items on June 30 cleared through the bank in July. The outstanding checks
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totaled P600,000 and the deposit in transit amounted to P1,000,000 on July 31.

What is the cash balance per book on July 31?

o
aC s

a. 5,400,000
vi y re

b. 5,350,000
c. 5,550,000
d. 4,500,000
ed d
ar stu

What is the amount of cash receipts per book in July?

a. 9,400,000
is

b. 9,600,000
c. 8,600,000
Th

d. 9,800,000

What is the amount of cash disbursement per book in July?

sh

a. 6,550,000
b. 6,700,000
c. 7,300,000
d. 6,850,000

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 Problem 17-2

Chris Company presented the following bank reconciliation for the month of November of the
current year:

Balance per bank statement, November 30 3,600,000

Add: Deposit in transit __800,000

Less: Outstanding checks 1,200,000 4,400,000

Bank credit recorded in error __200,000 1,400,000

Balance per book, November 30 3,000,000

Data per bank statement for the month of December follow:

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December deposits (including note collected

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P1, 000,000 for Chris) 5,500,000

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December disbursement (including NSF, P350,000
And service charge, P50,000) 4,400,000

o.
rs e
All items that were outstanding on November 30 cleared through the bank in December,
ou urc
including the bank credit. In addition, checks amounting to P500,000 were outstanding and
deposits of P700,000 were in transit on December 31.
o

What is the cash balance per ledger on December 31?

aC s
vi y re

a. 4,100,000
b. 4,900,000
c. 4,700,000
ed d

d. 4,300,000
ar stu

What is the amount of cash receipts per book in December?

is

a. 5,400,000
b. 4,400,000
Th

c. 5,500,000
d. 6,400,000
sh

What is the amount cash disbursement per book in December?

a. 3,700,000
b. 3,300,000
c. 3,100,000
d. 3,500,000

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 Problem 17-3

Lira Company prepared the following bank reconciliation dated June 30 of the current year.

Balance per bank 9,800,000

Deposits in transit 400,000
Outstanding checks (1,400,000)

Balance per book 8,800,000

There were total deposits of P6,500,000 and charges for disbursement of P9,000,000 for July
per bank statement. All reconciliation items on June 30 cleared the bank on July 31. Checks
outstanding amounted to P1,000,000 and deposits in transit totaled P1,200,000 on July 31.

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er as
What is the amount of cash disbursement per book in July?

co
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a. 8,600,000

o.
b. 7,600,000
c. 9,400,000 rs e
ou urc
d. 8,400,000

What is the adjusted cash in bank on July 31?

o
aC s

a. 7,300,000
vi y re

b. 6,300,000
c. 7,500,000
d. 6,500,000
ed d
ar stu
is
Th
sh

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 Problem 17-4

Oro company had the following bank reconciliation on March 31 of the current year:

Balance per bank statement, March 31 4,650,000

Add: Deposits in transit __1,000,000

Total 5,650,000
Less: Outstanding checks __1,250,000

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Balance per book, March 31 4,400,000

er as
co
eH w
Data per bank statement for the month of April follows:

o.
Deposits 6,000,000
Disbursement rs e 5,000,000
ou urc
All reconciliation items on March 31 cleared through the bank in April. Outstanding checks on
April 31 totaled P750,000 and deposits in transit amounted to P1,500,000. What is the amount
o

of cash receipts per book in April?

aC s
vi y re

a. 5,000,000
b. 6,500,000
c. 7,500,000
ed d

d. 5,500,000
ar stu
is
Th
sh

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 Problem 17-5

Jam Company provided the following bank reconciliation on May 31:

Balance per book 2,100,000

Deposits outstanding 300,000
Checks outstanding (__30,000)

Correct cash balance 2,370,000

Balance per book 2,372,000

Bank service charge (___2,000)

Correct cash balance 2,370,000

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June data are as follows:

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Bank Book

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Checks recorded 2,300,000 2,360,000
Deposits recorded 1,620,000 1,800,000

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Collections by bank (P400,000 note
Plus interest) rs e 420,000 ---
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NSF check returned with June 30 statement 10,000
Balances 1,830,000 1,810,000
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What is amount of deposits in transit on June 30?

aC s
vi y re

a. 30,000
b. 90,000
c. 60,000
ed d

d. 0
ar stu

What is the amount of deposits in transit on June 30?

is

a. 480,000
b. 120,000
Th

c. 180,000
d. 680,000
sh

What is the adjusted cash in bank on June 30?

a. 1,810,000
b. 2,220,000
c. 2,240,000
d. 2,780,000

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 Problem 17-6

Bayside Company provided the following information for October and November 2014:

Checks and charges recorded by bank in November,

Including a November service charge of P4,000
And NSF check of P20,000 550,000
Service charge made by bank in October and recorded
By depositor in November 2,000
Total credits to cash in all journals during November 620,000
Customers NSF check returned in October and
Redeposited in November (no entry made by
Depositor in either October or November) 40,000
Outstanding checks on October 31, 2014 that
Cleared in November 230,000

m
er as
What is the amount of outstanding checks on November 31,2014?

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a. 282,000

o.
b. 300,000
c. 322,000 rs e
ou urc
d. 302,000
o

Submitted by: Musngi, Reejane

aC s
vi y re
ed d
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is
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sh

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