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What is the correct cash in bank balance for Samuel Company

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Question - While checking the cash accounts of Samuel Company on December 31, 2020, you find the following information:

Balance per books P67,760

Balance in checking account (outstanding checks per books of P9,876) 65,323

Deposit in bank closed by BSP 16,000

Deposit in transit 12,345

Currency and coins P9,500

Petty cash fund (of which P450 is in the form of paid vouchers) 1,000

Bank charges not yet taken up in the books 58

Bond sinking fund 10,000

Receivables from employees 700

Book error in recording a check, the correct Amount as paid by the bank is P890 instead of P980 as recorded in the books, or a difference of 90

Required - What is the correct cash in bank balance for Samuel Company on December 31, 2020?

Reference no: EM132955971

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