December 31, 2021, is composed of the following: · Cash on Hand- P500,000 · Demand Deposit- P2,000,000 · Time Deposit, 30 days- P1,000,000 · NSF Check of customer- P40,000 · Money market placement (due June 30, 2022)- P1,500,000 · Savings Deposit in a closed bank- P100,000 · IOU from employee- P20,000
VKS Company’s “cash count” as of December 31, 2021, is composed of the following:
· Cash on Hand- P500,000
· Demand Deposit- P2,000,000
· Time Deposit, 30 days- P1,000,000
· NSF Check of customer- P40,000
·
· Savings Deposit in a closed bank- P100,000
· IOU from employee- P20,000
· Pension Fund- P3,000,000
· Petty Cash Fund- P10,000
· Customer’s Check dated January 1, 2022- P50,000
· Customer’s Check outstanding for 18 months- P40,000
· Unused credit line- P500, 000
Additional information:
a. Check of P200, 000 in payment of accounts payable was recorded on December 31, 2021 but mailed to suppliers on January 5, 2022.
b. Check of P100, 000 dated January 15, 2022, in payment of accounts payable was recorded and mailed on December 31, 2021.
c. The company uses the calendar year. The Cash Receipt Journal was held open until January 15, 2022, during which time P400, 000 was collected and recorded on December 31, 2021.
The Cash and Cash Equivalents to be shown on the December 31, 2021,
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