As of December 31, 2021, XYZ Company’s general ledger reported a total cash balance of P400,000. Breakdown of the amount is as follows:
Bank Account - Checking account balance = 150,000
Bank Account - Savings account balance = 25,000
Currencies & coins for deposit (includes P1,500 postage stamps) = 20,000
IOU – (I Owe You Note) = 5,000
NSF check returned by the bank = 25,000
Undeposited Collection-includes PDC P25,000) = 175,000
What amount should be reported as "cash" on XYZ Company’s Statement of Financial Position as of December 31, 2021?
Group of answer choices
A. P287,000
B. P243,500
C. P343,500
D. P456,500