Reference no: EM132429284

Question - You obtained the following information on the current account of Makati Company during your examination of its financial statements for the year ended June 30, 2019. The bank statement on May 31, 2019 showed a balance of P306,000. Among the bank credits in May was customer's note for P100,000 collected for the account of the company which the company recognized in June among its receipts. Included in the bank debits were cost of checkbooks amounting to P1,200 and a P40,000 check which was charged by the bank in error against Makati Co. account. Also in May you ascertained that there were deposits in transit amounting to P80,000 and outstanding checks totaling P170,000.The bank statement for the month of June showed total credits of P416,000 and total charges of P204,000. The company's books for June showed total debits of P735,600, total credits of P407,200 and a balance of P485,600. Bank debit memos for June were: No. 121 for service charges, P1,600 and No. 122 on a customer's returned check marked "Refer to Drawer" for P24,000. On June 31, 2019 the company placed with the bank a customer's promissory note with a face value of P120,000 for collection. The company treated this note as part of its receipts although the bank was able to collect on the note only in January, 2007.A check for P3,960 was recorded in the company cash payments books in June as P39,600.

How much is the undeposited collections as of June 30, 2019?