FINANCIAL ACCOUNTING & REPORTING FIRST PRE-BOARD EXAMINATION (ANSWERS & SOLUTIONS/CLARIFICATIONS}- ReSA - THE REVIEW SCHOOL OF ACCOUNTANCY

On December 31, 2020, the cash account of Gambit Company shows the following

composition:

Petty cash fund, P180,000; Cash in bank (payroll fund), P2,000,000; Interest and dividend fund, P250,000; Tax fund, P120,000; Cash in bank (current account), P3,000,000; Certificate of deposit (terms 90 days), P1,000,000; Certificate of deposit (terms 180 days), P1,5...
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