Reference no: EM133184970

Question - In the course of your audit of the financial statements of Apayao Corp. for the period ended December 31, 2021, you gathered the following information regarding the entitiy's current account in BPI:

Balances taken from the company's general ledger:

Cash balance, November 30, 2021 P629,860

Cash balance, December 31, 2021 576,420

Receipts, December 1 - 31, 2021 306,220

Balances taken from the December bank statement:

Bank balance, November 30, 2021 P685,180

Bank balance, December 31, 2021 637,220

Disbursements (debit) 356,080

Outstanding checks, November 30, 2021 (P26,140 was paid by the bank in December), P72,140.

Deposit in transit, November 30, 2021, P15,260.

A bank credit memo was issued in December to correct an erroneous charge made in November, P1,500.

Note collected by bank in December (company was not informed of the collection), P2,060.

A check for P2,020 (payable to a supplier) was recorded in the Check Register in December as P3,000.

A check for P2,240 was charged by the bank as P2,420 in December.

Apayao Corp. issued a stop payment order to bank in December. This pertains to a check written in December which was not received by the payee. A replacement check was written and released in December. No entry has been made in the books for the write-off of the old check and the release of the new check.

Bank service charge, November 30, 2021, P60.

Required - What is the total deposit in transit on December 31?