Jolly D.

Company’s bank statement for August 31,2019 showed a

cash balance of P1,350,000. The company’s Cash account in its
general ledger showed a P570,500 debit balance. The following
information was also available as of August 31.

1. A customer’s check for P100,000 marked NSF was returned by the

bank. The bank charged the company’s account a P250 processing
fee. (Not yet recorded by the company)
2. The August 31 cash receipts, P1,250,000 were placed in the bank’s
night depository after banking hours on that date and this amount
did not appear on the August 31 bank statement.
3. A P15,000 debit memorandum was issued for checks
printed by the bank.
4. Outstanding checks amounted to P1,245,000
5. A customer’s note for P900,000 was collected by the bank.
A collection fee of P250 was deducted by the bank.

Requirement:
Prepare a bank reconciliation as of August 31.