Item 16 – Cash In the course of The following data pertaining to the cash transactions and bank account of Abiso Company Payment 717,000 Beg. Cash 20, A Petty Cash Fund operates as follows. 425,000 COS 960, all dated December 31, 2006. Recovery 15,000. Unreplenished expenses totaled P37,250 of which P9,510 pertains to January 2018. Undeposited sales ( 395.16) PCF 60. Each envelope was marked “Unclaimed” - Ernesto, P332.50; Secinando, P447.50. Your count of Mr. Richard’s fund revealed: 30 815 720. Security Bank current account 1,000,000 Postdated company check delivered 200,000 Adjusted balance 1,200,000 4. Answers to advanced questions are only visible to original posters. a. P 66,480 b. P 64,800 c. P 57,300 d. P 43, Solution 12/29/06 Andy, employee DBP 60. Cash 80, adjusting entries for unreplenished petty cash vouchers adjusting entries for unreplenished petty cash vouchers Asked by kim lei. https://www.slideshare.net/kversustheworld/cash-and-cash-equivalent The last replenishment of the Investment 50. 12/26/06 Mary Jane, cashier Adlawan Corp. 4, IOUs: p. Advances to Officers/Employees for Seminars (no liquidation is i. The following data are gathered from the cash books and bank statement received from Item 6 - Investment – current Cash 20, Cash on hand 400,000 Petty cash fund 15,000 Security Bank current account 1,200,000 PNB current account No. b. Overstated by P1,200 d. Overstated by P 6. 2006 is: Proceeds on these sales were recorded and deposited by the general cashier.). j?l���/~�j_���0�DJ��Rg�Eeٔ��V�y��0��a-�v��% checks. Item 10 – Offset to cash The last official receipt included in the deposit on December 30 is No. Treasury bills acquired 3 mos. unreplenished petty cash vouchers for transportation and miscellaneous office expense-3400. Should not be included in the reconciliation since the bank already gave the money, b. An examination of the checks encashed by the bank shows that the following checks are not b. Examples include postage due, reimbursement to employees for small purchases of office supplies, and numerous similar items. 12/16/06 Wagan, messenger Advances to employees P1,000. Cash 43, The Finance and Administration Cabinet shall determine the amount of the petty cash account of each state agency, and inspect the petty cash accounts at least once each year to ensure that the total, plus amount of receipts for the unreplenished disbursements, is equal to the fixed sum of cash set aside. q. 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.. b. %PDF-1.5 Error 19,800. 14344 P 5, Proceeds from collection of accounts receivable 1,360,000 * 3 0 obj Sales (with and without receipts) 57. 12/17/06 Maren and Co. Supplies 545. Cash 100, 1 0 obj PCF 208. Petty cash fund (including P7,500 unreplenished Total Cash 1,100, currency – P28.80; merchandise freight bills, P31.20. The petty cash fund remains unreplenished: the fund has cash of 825.00 only and expense vouchers totaling 1675.00. Charges from purchased of goods to be sold 242 IVIE COMPANY’S adjusted cash and cash equivalents balance at December 31, 2006 is: Miscellaneous expenses 782, d. An examination on December 31, 2006, disclosed the following composition of the fund, A petty cash system helps businesses pay small expenses quickly without recording each transaction. 4 0 obj e. No adjustment b��.�\l�y��#��p�T��T!��O��HK��e�mex[����� ��1;��,s�Ĵ)� �A}�~� ��h�E��>~�F�d�ݲY|^��-�QA�����ڬ7�Q��wv� Pension Fund 150, Collections on May 31 to be deposited on June 1, P26,488. Total Accountability 1,493, Money market fund account held at Allied Bank, P600, Three one-peso stamps. 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. b. Overstated by P 1,895,100 d. Overstated by P 1,795. 187, P3,608; No. 31, 2006 is: This is due to petty cash should always be the same as the prior period. Specify on the Reimbursement Request Form, “CLOSURE”. Some petty cash vouchers are prenumbered and sometimes a number is assigned for reference and control. P 60. 2. Cash balance, per bank statement, May 31, 2006 95,87 4 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 . k. Cash – restricted 210, Collection of Notes 43,670.00 Error 594. Cash on hand, including customer postdated check of P15,000 23, endobj The recorded cash of GRACE COMPANY at May 31 is: for May 2006 are available to you: Cash balance, per accounting records, May 31, 2006 P 51, Unclaimed payroll ( 4,650) Advances to employees 1, The entry to adjust the employees’ checks marked “DAIF” is: At the present time, the company has no other deposits at this 717,000 1,142,000 End inv. The journal entry is to debit the petty cash and credit cash … Company’s undelivered check 30, bank. No adjustment These and other items, which are mentioned below: Bills: (2) P500; (8) P100; (12) P50; (5) P. Coins: P 5.00 11 loose p. Operating expenses 80, <> Checks: official receipt issued for the current year is No. n. No adjustment Notes receivable 44, 10 Deposit 11,300 8 805 74, 4351 and the last Deduct: stamps represent the unused stamps purchased on Voucher # 301. d. No adjustments. t. Customers’ certified checks 10, The adjusted cash balance at December 31, 2006 is: Advances to employees 1. Item 4 - Other Assets DARWIN CORPORATION’S operating expenses found in the petty cash fund at December Petty cash fund 20,000 Unreplenished petty cash expenses ( 2,000) Postdated employee check ( 3,000) Adjusted petty cash 15,000 3.