question archive Argentina Company reported the following accounts on December 31,2019: Cash in bank 1,000,000 Petty cash fund 50,000 Security Bank current account 2,000,000 PNB current account 1,500,000 BDO current account (overdraft) (200,000) BSP treasury bill-120 days 3,000,000 BSP time deposit- 90 days 2,000,000 Bond sinking fund 2,500,000 The cash on hand included a What is the total amount of cash and cash equivalent that should be reported on December 31, 2019
Argentina Company reported the following accounts on December 31,2019: Cash in bank 1,000,000 Petty cash fund 50,000 Security Bank current account 2,000,000 PNB current account 1,500,000 BDO current account (overdraft) (200,000) BSP treasury bill-120 days 3,000,000 BSP time deposit- 90 days 2,000,000 Bond sinking fund 2,500,000 The cash on hand included a What is the total amount of cash and cash equivalent that should be reported on December 31, 2019
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Argentina Company reported the following accounts on December 31,2019:
Cash in bank 1,000,000
Petty cash fund 50,000
Security Bank current account 2,000,000
PNB current account 1,500,000
BDO current account (overdraft) (200,000)
BSP treasury bill-120 days 3,000,000
BSP time deposit- 90 days 2,000,000
Bond sinking fund 2,500,000
The cash on hand included a
What is the total amount of cash and cash equivalent that should be reported on December 31, 2019
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Answer:
Cash in hand on December 31,2019
Cash in bank: 1,000,000
Add: Petty cash fund: 50,000
Add: Security bank current account 2,000,000
Add: PNB Current Account 1,500,000
Add: BDO Overdraft (200,000)
Add: Treasury Bill 3,000,000
Add: Time deposit 2,000,000
Total Cash on 31 Dec. 2019 9,350,000
Step-by-step explanation
- Treasury Bills and Time deposits form part of the Cash equivalents in the Balance sheet.
- Bond Sinking Fund is amount collected for the repayment of Bonds which are generally Long term liabilities. So, these are classified under Long term Assets within the head Current Investments.
