Reference no: EM132728130
Question - The cash account of TAKE THIS SUBJECT SERIOUSLY on December 31, 2020 has a balance of P462,000 and it consists of the following:
Balance in Savings Account with a bank closed by BSP P72,000
Bills and coins on hand 105,560
Checking account balance in BPI 44,000
Credit Memo from suppliers for purchase returns 13,000
Customer's check dated January 15, 2020 16,000
Customer's check dated January 16, 2021 60,000
Customer's check returned on 12/21/2020 for lack of sufficient fund 100,000
IOU of an employess 800
Money Order 1,600
Petty cash including paid cash vouchers of P1,650 4,000
Postage stamps 240
Traveller's check 44,800
TOTAL P462,000
Required - Find the correct cash and cash equivalent to be presented on Statement of Financial Performance on December 31, 2020?