Indonesia's search and rescue agency reported on June 18 that many among the victims are children.
There are 39 survivors, while search efforts are underway for at least four others, who remain unaccounted for, it said.
The accident took place on June 17, when the passenger boat with more than 60 people onboard overturned in rough seas near Madura island.
East Java Police’s spokesman Frans Barung Mangera said the boat was hit by a large wave, overturned and sank, and was suspected of being overloaded.
The 10-metre long vessel was found by fishermen shortly after it was swamped, he added.
Marine accidents are common in Indonesia, where many use ferries and other boats to travel despite poor safety standards.
Earlier this year, over 300 people were estimated to have drowned when a ferry sank between the islands of Sulawesi and Borneo.