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Determine the correct cash balance on December

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Question - The cash account of Riyadh Corporation on December 31, 2016 has a balance of P127,600 and it consist of following:

Bills and coins on hand 52,780

Petty cash including petty cash vouchers of P650 1,000

Balance in savings account with a bank closed by the BSP 36,000

Customer's check dated January 15, 2017 8,000

Credit memo from suppliers for purchase returns 6,500

Postage stamps 120

Money Order 800

IOU of an employee 400

Checking account balance in Bank in P.I. 22,000

Required - Determine the correct cash balance on December 31, 2016 of Riyadh Corp.?

Reference no: EM133164885

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