Currency and coins P 2,000 Employees’ vales 1,600 Currency in an envelope marked “collections for charity” with names attached 1,200 Unreplenished petty cash vouchers 1,300 Check drawn by Mandaluyong Corporation, payable to the petty cashier 4,000 P10,100 Included among the checks drawn by Mandaluyong Corporation against the BPI current account and recorded in December … Answers to advanced questions are only visible to original posters. Besides maintaining a main or general cash book, many companies also maintain a small cash book known as petty cash book to record small day to day expenditures of the business.. The undeposited sales/collection of REYES CORPORATION at December 31, 2006 is: Proceeds from issuance of capital stock (P950,000 – P250,000) 700, Current account at PNB 65, Investment 500, Add: Collections received on the last day of Petty cash fund 1, 191, P4,400; a. P 66,480 b. P 64,800 c. P 57,300 d. P 43, Solution DON CORPORATION’S adjusted cash and cash equivalents balance at December 31, Cash 120, • Cash Items Cash on Hand - Includes undeposited collections such as bills and coins, customer’s checks, manager’s checks, traveler’s checks, cashier’s checks, bank drafts and money order. a. Understated by P 17,270 c. Overstated by P 7, 35, TOTAL 2,568. Cash shortage 1. f. On January 6, 2007, replenished disbursement from December 18, 2006 to January 5, The first four checks were actually deposited Jan. 3; the last check was 27 Deposit 273,628 23 813 127, NO because it matures more than 3 months. Item 16 – Cash The petty cash fund included unreplenished December 2020 petty cash expense vouchers for P15,000 and an employee check for P5,000 dated January 31,2021; A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021 of the Petty Cash account at December 31, 2006 was P1,300. 16,225 3,600 32,225. Solution The Imprest Petty Cash Fund is Replenished At the end of the accounting period the petty cash book is totalled and reconciled, and the petty cash fund is replenished. The following data are gathered from the cash books and bank statement received from Cash shortage 393. Unclaimed payroll ( 7,500) The following official receipts are Item 8 - Cash Answer: 1. a. P 560,000 b. P 544,000 c. P 514,000 d. P 509. 14367 3, 4354 3,600 Cash Davao Bank by Grace Company: The cash in bank ledger account shows a debit balance of P290,438.50 as of May 31. Ask. December 31, 2006 Short-term investment 600, currency – P28.80; merchandise freight bills, P31.20. Cash 43, The bank statement shows a deduction of P10,802 for check No. (check received Dec. 29) a. P 61,166 short c. P 34,166 over The petty cash fund shortage at December 31, 2006 is: Freight-in 47. Your investigation also disclosed the following: The balance of petty cash fund per books is P20,000.00. Deposit in transit 5,324. Replenishing Petty Cash Companies replenish the petty cash fund at the end of the accounting period, or sooner if it becomes low. Solution for ndia Company reported the following accounts on December 31, 2020: Cash on hand P 1,000,000 Petty Cash Fund 50,000 Security Bank… 12/31/06 exchange rate) 900. Credit memo from a supplier for a purchase returns 25. Investment 50. b. The accounting records will show the following bookkeeping entries when the business withdraws cash to replenish the petty cash fund. b. Treasury bills (maturity date is 12/31/07) 500. Before maturity 200, %PDF-1.5 but which has not been recorded as collected 8, m. Investment – current 150, Checks: Adv. j?l���/~�j_���0�DJ��Rg�Eeٔ��V�y��0��a-�v��% a. deposit its cash receipts. c. Travel advance of P180,000 for executive travel for the first quarter of next year YES because it matures 3 months. Item 3 - Cash Cash in Bank - Includes demand deposit or checking account and saving deposit which are unrestricted as to withdrawal. https://www.slideshare.net/kversustheworld/cash-and-cash-equivalent The balance Proceeds from cash sales 370, 203, 0.25 5 rolls and 32 loose (50 pieces to a roll) A non-interest bearing note for P44,000 was collected by the bank for the account Grace No. Outstanding checks (22,625.00) Accounts receivable 20. Cash shortage (20,166). The journal entry is to debit the petty cash and credit cash … DARWIN CORPORATION’S operating expenses found in the petty cash fund at December Then petty cash is replenished usually via a check. 328 Dec. 31 153. f. Time deposit due on March 31, 2007 50, Computed balance P 14,449. A cash count was conducted by your staff on January 7, 2018. B 2. n. Overdraft in PNB Checking Account #211-099-085 ( 50,000) made on the books) 4,000. Checks 755.16 PCF 95. 4355 8,300 Check, REYES CORPORATION’S cash shortage/overage at December 31, 2006 is: (f) The petty cash fund included unreplenished December 2019 petty cash expense vouchers for P15,000. Accounts receivable 50, Accountability Item 9 - Current liability C a. P 33,749.72 b. P 34,949.72 c. P 37,749.72 d.P40,949. on March 31, 2007) 150, 14.Petty cash fund (P4,000 in currency and expense receipts for Item 15 – Cash #211-009-091 50, At the end of the year, the PCFC shall submit to the Schools Division Office -Finance Section all unreplenished Petty Cash Vouchers (PCVs) for recording in the books of accounts. Accounts receivable 20, Payroll account 175, e. Petty cash fund, P5, Commercial savings account of P1,000,000 and a commercial checking account 334 Jan. 2 121. Petty cash fund 4, voucher of which P2,400 is dated January 3, 2007) P 15, Dec. 31 # 305 Freight bill on office supplies 88. Money market fund account held at Allied Bank, P600, Petty cash fund = P20,000 The PCF consisted of the ff items: Currency and coins P5,000 IOUs from Officers P2,000 Unreplenished petty cash vouchers P12,000 = 19,000 (shortage) What is the adjusting entry? Unadjusted Book balance 290,438.50 Unadjusted Bank balance 318,560. Purchase of fixed assets ( 320,000) Accounts receivable 10. The petty cashier handled postage stamps. Treasury bills acquired 3 mos. r. Listed stock held as temporary investment 100, all dated December 31, 2006. REQUIREMENT(S): (1) Determine the amount of cash … Returned check (34,100.00) Outstanding checks (48,053.50) 4 0 obj The following data pertaining to the cash transactions and bank account of Abiso Company 14401 4, Redemption Fund Account – PNB 500, 19 Deposit 26,463 19 811 3, 185, Cash 57, 12/16/06 Wagan, messenger Advances to employees P1,000. The entry to correct/adjust item M is: Cash on hand 500,000 Postdated check (100,000) Adjusted cash on hand 400,000 2. 717,000 1,142,000 End inv. 189, P15,499; No. b��.�\l�y��#��p�T��T!��O��HK��e�mex[����� ��1;��,s�Ĵ)� �A}�~� ��h�E��>~�F�d�ݲY|^��-�QA�����ڬ7�Q��wv� (These checks were all considered good when deposited after dates shown on the 2 0 obj Date Maker Bank December 31, 2006 by: unpaid (check is on hand but no entry has been The entry to record the January 6, 2004 replenishment of petty cash fund is: Advances to employees 1,000 Accountability 3, Bills: 10 - P500 bill 15 - P100 bill 18 - P50 15 - P20 5 - P the following: (cash count date is January 3, 2007 at 5:00 pm). LIST OF OUTSTANDING CHECKS 425,000 COS 960, Please sign in or register to post comments. Payment of short-term bank loan ( 200,000) In the course of that was included in the December 31 PNB Checking Account a. The entry to correct/adjust item number 16 is: Vouchers: Checks 69, The last official receipt included in the deposit on December 30 is No. Amount Cash 5, <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 936] /Contents 4 0 R/Group<>/Tabs/S>> Problem 7 2. The outstanding checks at December 31, 2006 is: 2�p����T33�\�a��J����-��xA�/���L�켞g�Rp8C}[O+���T-VQG�'���iZ���~p�f�!t�3s��rW\Ī��� �1��:��-]�H������%�Bp()E^�@I@v*J ��C(9l1�����2��В�K�M��n$C(q3��c���Qg����B�&� Operating expenses 5, on books but not deposited 5,324. Collection fee 330 GRACE COMPANY’S adjusted cash balance at May 31, 2006 is: Heirs of Paus Chapter-13 - A reviewer containing all necessary terms from Chapter 13 of … q. OR No. k. Cash – restricted 210, q. 8�n3��~/�{xx�6Y�]go��/W�X���H��PQ�CU}i)�̔:Wc#�͑,M^A5k�!$)A� �Wo��fq��ݷr�?~���K�x���?~J ���[>fd$�� �����Eޔ��d߿��`�H������ 3�#�?��;|��毈0h6))�y��P��� S骁R������9J!Ki&�u^� �2su PZ���E^:��sY/v��3q It shall be maintained using the Imprest System. Associates, CPAs, you were assigned to verify her cash on hand in the morning of January Credit memo for proceeds of a note receivable Inv. Control criteria: Petty cash funds are established only when required and used solely for the purpose for which they were issued At the time of the audit, VAC had 78 petty cash funds in place, with a total value of $22,800. 14407 5, Debit memo for bank service charge for December 1,000. Miscellaneous expenses 782, d. An examination on December 31, 2006, disclosed the following composition of the fund, 2 ( … Proceeds from collection of accounts receivable 1,360,000 * a. P 3,000 b. P 1,958 c. P 984 d. P 958, The entry to record the December 31, 2006 adjustment of petty cash fund is: Outstanding checks P 18, Unadjusted balance 51,050.22 34,349. Item 4 - Other Assets IOUs 1,375 Advances to employees 1, <> Collection of Notes 43,670.00 Error 594. Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fares, fuel, newspapers, cleaning, pins, and causal labor etc. 1 400,000 PNB current account No. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. Total Accountability 1,493, Sales Invoices (for cash sales, collections handled by the petty cashier): Payment of accounts payable ( 717,000) ** records, net of interest of P900 17, Recovery 15,000. 2006 is: Should not be included in the reconciliation since the bank already gave the money, b. deposited Jan. 11; all five checks proved to be good.). Returned checks ( 4,000.00) Bank service charge for May 327 Cash Advance for Petty Operating Expenses. Foreign bank account - restricted (translated using the endobj b. Overstated by P1,200 d. Overstated by P 6. 12/17/06 Maren and Co. Supplies 545. 1.00 24 loose (employee to reimburse through salary reduction) The cash books of Grace Corporation show the following entries during the month of June Check of office manager, dated January 5, 2007 1, 179 for P26,400 was erroneously recorded in the books as P46,200. Some petty cash vouchers are prenumbered and sometimes a number is assigned for reference and control. p. Advances to Officers/Employees for Seminars (no liquidation is not mailed until January 5, 2007 20, Deposit of May 30 not recorded by bank until June 1 14, Item 11 – Offset to Cash TCAF 1,600.13 Sales (SI#328 & 315) 273. Undeposited sales ( 1,395) Petty cash fund 1, a. Collection of note receivable 8,000. endobj a. P 395.16 b. P 273.80 c. P 153.80 d. P 120. 0.05 14 rolls and 20 loose (40 pieces to a roll) A petty cash system helps businesses pay small expenses quickly without recording each transaction. Cash 150, Cash 50, C. Cash may be offset against a liability if the deposit of funds in a restricted account clearly constitutes the legal discharge of the liability . Besides maintaining a main or general cash book, many companies also maintain a small cash book known as petty cash book to record small day to day expenditures of the business.. 14399 2, Undeposited sales ( 395.16) PCF 60. Undeposited sales – without receipts (14,000) Cash sale of January 2, 2007 amounted to P8,650 per sales records, while cash However, you can ask your own question. a. P 216.39 b. P 123.83 c. P 98.03 d. P 95. Banking Corporation. l. A check payable to San Ignacio Incorporated, dated January 5, 2007, 14344 P 5, following: 11.Traveler’s check 60, bank on January 3, 2007. recorded December 31, 2006. 10. r. Short-term investment 100, presented for payment: e. No adjustment Invoice # 315 Dec. 30 P 120. Cash 19. endobj 01/02/07 Neil, customer PNB 121. 4351 and the last 12/18/06 Posts Office Supplies 300. o. Proceeds from a customer’s promissory note; principal amount P24,000. Questions. Miscellaneous expenses 90 30 815 720. Total Cash 1,100, D. Petty cash fund of P 5,000 composed of currency and coins of P1,400 and unreplenished petty cash vouchers of P 3,600 should be shown in the current asset section at P1,400 only . crediting the departmental fund center) Attach the deposit receipt to the Reimbursement Request Form. TCAF 14,675 Cash 350 Accounts payable 800. e. On January 5, 2007, the check of office manager was cashed and the proceeds were Cash 600, l. No adjustment Investment 150. Vouchers showing expenditures for: Each envelope was marked “Unclaimed” - Ernesto, P332.50; Secinando, P447.50. a. Understated by P 307,000 c. Overstated by P 693,0 00 a. P 618,800 b. P 623,800 c. P 673,800 d. P 723. a. The Cash account (excluding PCF) of DARWIN CORPORATION is understated at 12/24/06 Ablay, bookkeeper 500. cash sales to the general cashier on the 10th, 20th and last days of each month. All replenishments shall be directly charged to the expense account and at all times, the PCF shall be equal to the total cash on hand and the unreplenishedexpenses. a. It the above example, the cash held at the end of the accounting period is 35, and therefore the amount of 65 is needed to restore the fund back to its original fixed amount of 100. for May 2006 are available to you: Cash balance, per accounting records, May 31, 2006 P 51, voucher of which P2,400 is dated Janu ary 3, 2007) P 15,000. b. b. P 20,166 short d. P 22,514 over, The adjusted petty cash balance of REYES CORPORATION at December 31, 2006 is: Bank Book 800 36,000 6 1,686, which had been left at the bank for collection The individual petty cash floats ranged in value from $100 to … ��K�s�zQu��ۥ�Vm�-.�}D��A�;��,i%+T����lS{-��K ��T�v5�w���i��y����&��h���S�`�dL�}$%���z�Y�z��e�X,���������W#��Ǐ�!#�N��P4�y����>�ɠ���~���pe.��������6�o5l�8`�jX��T��Bg`�L�|�?e��$2�Tu�*5Q@Vb�[�~ےX��Y� =ߺy����K0&�"f ���.Jt_' Adjusted book balance 297,588.50 Adjusted bank balance 297,588. is: Complete a Petty Cash/Imprest-Request for Reimbursement Closure/Decrease form in the amount of the unreplenished expenditures. 30 Deposit 92,400 25 814 93, 11 Deposit 73,000 11 807 34, 7Deposit 152,200 7 804 169, a. Solution PCF per ledger (10,000) Government Units without complete set of books of accounts may be granted cash advance covering two months operating requirements for authorized petty and other miscellaneous expenses to finance their operations. �~��(�.���?��/W 12/22/06 Felix, clerk 750 %���� The custodian cashes the cheque and places the cash in a departmental cash box. a. P 900.74 b. P 960.74 c. P 1,174.54d. Accountability Office supplies 126 Item 12 – Unused supplies The adjusted cash balance at December 31, 2006 is: Cash on hand 400,000 Petty cash fund 15,000 Security Bank current account 1,200,000 PNB current account No. bal. d. A separate fund in the amount of P1,500,000 is restricted for the retirement of long- There are two methods in handling petty cash, namely: Imprest Fund System, Fluctuating Fund System Imprest Fund System Is the one usually followed in handling petty cash transactions. De très nombreux exemples de phrases traduites contenant "replenishment of petty cash" – Dictionnaire français-anglais et moteur de recherche de traductions françaises. The check was A certified check for P24,750 payable to creditor, was encashed by the bank during May. d. No entry since the account has been adjusted on December 31. Charges from purchased of goods to be sold 242 The “CASH” account of Don Corporation’s ledger on December 31, 2006 showed the Investment 150, 193, P23. m. Bond Sinking Fund (used to finance the maturing long-term obligation t. Customers’ certified checks 10, Unreplenished expenses totaled P37,250 of which P9,510 pertains to January 2018. No adjustment Unreplenished petty cash vouchers P12,000 = 19,000 (shortage) What is the adjusting entry? Cash 80, vale - r. rose- 1600. money in envelope- 8000. audit notes: 1. the petty cash fund is kept on an imprest basis. treasury bill purchased November 1, 2019 maturing January 31, 2020 can this be presented as cash equivalents? 01/10/07 Jeff, employee PNB 60. Unreplenished petty cash vouchers 800 Check drawn by Peso Corporation, payable to the petty cashier 4,600 P10,300 Included among the checks drawn by Peso Corporation against the BPI current account and recorded in December 2005 are the following: a. ��������Q�FeB��+��̋2�.KL�]a�\�zY.^_����/[���_���7K)?�ů����cbl�Ty%�>�����Qb `�R ���� P 1,234. a. P 771,000 b. P 741,000 c. P 721,000s d. P 691, Item 1 - Cash 3, 2007. Replenishment: When the balance in petty cash becomes low, a journal entry is passed debiting various expense accounts and crediting petty cash for the sum of disbursements made. Examples include postage due, reimbursement to employees for small purchases of office supplies, and numerous similar items. official receipt issued for the current year is No. https://www.double-entry-bookkeeping.com/bank-cash/imprest-petty-cash Checks 3,225 Petty cash fund 1, Outstanding checks, May 31, 2006 20, Accounts payable 50, a. P 15,025 b. P 18,625 c. P 19,025 d. P 22. Book error ____ ( 3,600.00) 200,000 Purchases 942, Item 13 – Cash as cash equivalents �*i��K�*�}���J_V_3u�.WR$���1����ז� ��rEU|եPL2)2�D��h �p��b�hTC���9,k��. Bills 7,750 Petty cash fund 1, During the course of departmental business operations, [ Read More ] Check No. treasury bill purchased November 1, 2019 maturing January 31, 2020 can this be presented as cash equivalents? The custodian is not authorized to cash checks. Petty cash is a system that funds and tracks small purchases such as parking meter fees that aren’t suitable for check or credit card payments. Refer to Maker. b. Accountability Sales 350 2006 is: Specify on the Reimbursement Request Form, “CLOSURE”. adjusting entries for unreplenished petty cash vouchers question: Ask our tutors a question, get timely and professional assistance with your studying. stream Problem 14 Item 2 - Cash The bank statement shows a credit balance of P318,560 as of May 31. 12/20/06 Alejandre, carpenter Repairs 2,950. Check No. Debit memo for customer’s checks returned Problem 12 Your audit of the petty cash (P10,000) of Juliet Company as of December 31, 2006 revealed. The following employees’ pay envelopes had been opened and the money removed. PCF per ledger (10,000) j. Raising Fund Level: When the volume of transactions to be handled by the petty cash grows, the fund level is raised. NO because it matures more than 3 months. MATO CORPORATION’S adjusted cash and cash equivalents balance at December 31, Deduct: Cash shortage 95. 12/18/06 Eeman Liner Freight in 982. o. It should be noted that there is no entry made to the petty cash fund. The bank statement for the month of June 2006 shows: Checks No. b. ��@.ǒ@*a�@�<>ʪB��A���Z� �"X�}!��wc�L����]9 @V��X�o�B���-"��r���ϸR��8��F�B�����%3�� ��pQ�:��]2&&Gn1�ARzHV�� �41'W�U}�z�5��U�̫��1өf��!�3X�̾�Y���8L��stH�G��:���!��Mx��Ë��)M�Ț��a�v���u�E�vY-h�3�R�_��pro O���B)Bڻ]Y�zH$�u�x����xF�Œ� �q��U�b6H]H����TF�������n���0��0Z���l��"7��0�D�YCr �4 4355. d. Money order 10, i. When the petty cash fund is replenished, the completed petty cash vouchers provide the documentation for the replenishment check. December and charged to “Cash in Bank” AS representative of the Zarate and Cash 210, B 3. Currency and coins 571.38 Due to custodian 95. A petty cash fund is a small amount of money, usually under $500, used to cover incidentals. certificates of deposit have a maturity of 120 days. to employee 60. Argentina Company reported the following accounts on December 31, 2016: * The cash on hand included a customer postdated check of P150, 000 and postal money, * The petty cash fund included unreplenished petty cash vouchers for P10, 000 and an. b. Understated by P 393,000 d. Overstated by P 677, Accounts Receivable 18 Deposit 65,000 17 810 167, custodian, revealed: Checks: Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fares, fuel, newspapers, cleaning, pins, and causal labor etc. Adjusted balance 33,749.72 33,749. A Petty Cash Fund operates as follows. Cash 100, The petty cash fund includes unreplenished December 2016 petty cash expense vouchers of P5,000 and employee IOUs of P5,000. Company’s undelivered check 30, f. An IOU from David Santos, a company officer, in the amount of P10,000. k. Savings deposit, earmarked for acquisition of equipment 210, 12.Money order 10, The recorded cash of GRACE COMPANY at May 31 is: u. It is a separate fund of cash that is set aside to pay for supplies or other low-dollar expenses. g. A bank overdraft of P110,000 has occurred at one of the banks the company uses to Problem 9 Dec. 29 # 302 Freight bill on merchandise purchases 47. Item 5 - Investment Cash 50, These Your count of the imprest Payment 717,000 Beg. 2006. ** Accounts payable * Beg. The anytime bank statement as at … Sales 1,480,000 Write-off 25, 4Deposit 113,000 3 802 7, Cash on hand 400,000 Petty cash fund 15,000 Security Bank current account 1,200,000 PNB current account No. b. Overstated by P 1,895,100 d. Overstated by P 1,795. 3 0 obj Receipts or other documentation justifying the disbursement should be attached to the petty cash voucher. Error (20,900.00) Deposit in transit 26,488. Deposit the balance of funds with the University Cashier (e.g. At the present time, the company has no other deposits at this Petty cash, also known as impress cash, is a fund established for making small payments that are impractical to pay by check. 18 Deposit 3,725 14 809 1,070, The funds are to be established only when required, used only for the purpose for which they are issued, properly safeguarded, accounted for and accurately reported. 924,000 June 5 1,722, Security Bank current account 1,000,000 Postdated company check delivered 200,000 Adjusted balance 1,200,000 4. The Petty Cash Fund (PCF) to be set up shall be sufficient for the recurring petty operating expenses of the agency for one month. Accounts payable 50, c. Cash 50, a. 0.10 10 rolls and 15 loose (50 pieces to a roll) December 31, 2006 ANGELA CORPORATION’S cash account at December31, 2006 is: Cash balance, per bank statement, May 31, 2006 95,87 4 The petty cash fund included unreplenished December 2020 petty cash expense vouchers for P15,000 and an employee check for P5,000 dated January 31,2021 A check for P100,000 was drawn against First Bank current account dated and recorded December 29, 2020 but delivered to payee on January 15, 2021 Petty cash fund 20,000 Unreplenished petty cash expenses ( 2,000) Postdated employee check ( 3,000) Adjusted petty cash 15,000 3. b. Operating expenses 216. d. No entry since there is no replenishment yet. b. Understated by P 7,150 d. Overstated by P 17. ��[%Z�/��G�X�E�A��g���+���-'��v��.V!�=����Y��}��c��S�1tѠ��)i��jj�8�I�i� �� .����j�t���h��� Problem 3 d. No adjustment Check written and dated December 29, 2005 and delivered to payee on January 2, 2006, P50,000. 13.Company’s check dated 12/30/06 but not mailed at year-end 30, IOU 36.00 Cash 273. The cash balance of the company per record at December 31, 2006 is: a. Overstated by P600 c. Understated by P 3, cash count made at 8:30 am on January 3, 2007, in the presence of the petty cash The petty cash balance per general ledger is P10,000. added to the petty cash fund. P 46,674. a. P 4,964 b. P 2,110 c. P 1,200 d. P 430. Notes receivable 44, Cr. Unclaimed payroll ( 4,650) Advances to employees 1, 10 Deposit 12,700 10 806 274, although it was not replenished on this date: Three one-peso stamps. Operating expenses 1. d. No entry since the company is using an impress fund system. 4Deposit 811,000 5 803 229, TCAF 83, This video describes how to set up a petty cash fund and how to reimburse it once it has been used. 2. Mary Jane is the cashier of Adlawan Corporation. Petty cash fund (including P7,500 unreplenished Proceeds from bank loan 300, Should not be included in the reconciliation since bank’s record is always followed. Cash 500, Financial accounting 1 Solman Robles Empleo 2016 Qualifying Exam Review Qs Final CFAS Chapter 1-2 Preparación TEMA Lensometria IA VOL 1 Valix 2019 ( Answer KEY) Getting started Cash and Cash Equivalents Sample Problem WHAT IS Recruitment Sample/practice exam, questions and answers Tax 2 Republic vs. unreplenished petty cash vouchers for transportation and miscellaneous office expense-3400. d. No adjustment. following: a. n. No adjustment No. reported on its December 31, 2006 balance sheet. Advances to employees 1. Sales (with and without receipts) 57. 4353 17,800 Check (see details below) Unreplenished expenses together with expenses paid out of the fund after the count were replenished on january 3,2009. Petty Cash Fund Small amount of bills and coins to pay for minor expenditures which cannot be paid by check or bank transfer conveniently. 2006 is: A check deposited on May 27 for P34,100 was returned by the bank on May 28 marked 2007. checks. the charge has not been recorded in the accounting records 375 10 Deposit 11,300 8 805 74, The cash advance shall be granted to the duly designated or … Mgr Adlawan Corp. P 6, Problem 1 h. The company has two certificates of deposit, each totaling P500,000. You began to count at 9:00 AM in the presence of Mary Jane. 12/31/06 Bobot, customer RCBC 153. The reason for replenishing the fund at the end of the accounting period is that no record of the fund expenditures is in the accounts until … as P12,625 but drawn and paid by bank as Amount The petty cash fund of P60,000 maintained by the company on an imprest basis relected a balance of P22,750. A check for an account payable entered on books as P12,625 but drawn and paid by Cash Receipts Journal Check Register PCF per ledger (1,300.00) Adv. c. No adjustment <> Your count of Mr. Richard’s fund revealed: The entry to record the November 29 replenishment of petty cash fund is: Cash count Item 14 – Short-term investment a. P 341,939.50 b. P 283,288.50 c. P 297,588.50 d. P 273,168. Currency – bills and coins 958 The entry to correct/adjust item F is: A Petty Cash Fund is one alternative for handling small dollar purchases (not greater than $100). Cash 150, P 60. The unreplenished PCVs shall be replenished in the succeeding year. <> Date Amount Date Check No. Petty cash funds are standing accountable advances for the purposes of paying minor expenses when it is not practical to pay for them through other alternatives, e.g., travel card or acquisition card. Item 10 – Offset to cash The petty cash fund remains unreplenished: the fund has cash of 825.00 only and expense vouchers totaling 1675.00. receipts book and bank deposit slip showed that only P7,650 was deposited in the June 1Balance 762,000 June2 801 15, Price $ 1.00. Advances to employees 5. 12/21/06 Violan Miscellaneous expense 554. stamps represent the unused stamps purchased on Voucher # 301. The entry to adjust the employees’ checks marked “DAIF” is: Your audit of the December 31, 2006, financial statements of Mato Corporation reveals the TOTAL 544. Dec. 28 # 301 Postage 12. 12/29/06 Andy, employee DBP 60. g. 180-day Treasury bill, due March 15, 2007 120, 17 Deposit 110,075 13 808 250, Collection fee deducted by the bank is P330. Cash 15, i. PNB – Checking Account #211-009-091 325, h. Notes receivable 20, You are making an audit of the Darwin Corporation for the past calendar year. Problem 1-2 (IAA) Argentina Company reported the following accounts on December 31, 2020: Cash on hand Petty cash fund Security Bank current account PNB current account BDO current account (overdraft) BSP treasury bill-120 days BPI time deposit - 90 days Bond sinking fund 1,000,000 50,000 2,000,000 1,500,000 ( 200,000) 3,000,000 2,000,000 2,500,000 The cash on hand included a customer postdated check of P150,000 and postal money order of P50,000 * The petty cash … Proceeds of bank loan on May 30, not recorded in the accounting The adjusted Petty Cash Fund balance of MARITES CORPORATION at December 31, Bills and coins 3, 2. 14358 1, A deposit for P20,900 was recorded in the books twice. Jan. 2 # 500 Freight bill on merchandise purchases 29. Money order 10, 4352 P 13,600 Cash
Earth At Night In Color Where To Watch, A Million Little Things Season 2021, Best Birthday Celebration, Aa 4th Emergency Service, Perforated Paper For Tickets, Bernie Rayno Wife Age, Knights Gold Membership, Baby Shower Cupcakes,