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Cash
MULTIPLE CHOICE
Problem 1
(a) Audit adjustments
Cash Equivalents 3,000,000
Cash 3,000,000
Other Non-current Financial Assets 3,200,000
Cash 3,200,000
Cash 35,000
Accrued Salaries Expense 35,000
Other Non-current Financial Assets 900,000
Cash 900,000
Miscellaneous Expenses 6,800
Advances to Employees 1,200
Cash (Petty Cash Fund) 8,000
Cash 5,300
Accrued Utilities Expense 5,300
Accounts Receivable 25,000
Cash 25,000
(b) Cash and Cash Equivalents
Savings account with Metrobank P1,500,000
Checking account with Metrobank 800,000 + 5,300 805,300
Certificates of deposit 3,000,000
Payroll fund 1,200,000 + 35,000 1,235,000
198 12,500
Understated outstanding checks
52,000 25000 27,000
9,000 900 8,100
25,000 15,000 10,000
Overstated undeposited collections 3,000
Omission of bank credit memo 19,000
Total cash shortage P123,500
Chapter 3
Cash
30
3. Undeposited collections, December 31 P 48,000
Collections, January 1 15 199,000
Total amount available for deposit P247,000
Amount deposited, per deposit slips (110,000)
Undeposited collections, January 15 P137,000
Cash on hand, January 15 (52,000)
Additional cash shortage in January P 85,000
.4. Adjusting Entries
Bank Charges 1,500
Receivable from Employees (or Loss) 123,500
Cash 106,000
Notes Receivable 19,000
Problem 9 (Pamela Manufacturing Company)
Nov. 30 Receipts Disbursements. Dec. 31
(a) P148,900
(b) P116,200
(c) P921,500
(d) P630,700
Problem 13
1. A,D 6. M, P 11. D, F 16. I, L
2. C, G. 7. I, L 12. A, D 17. Not a reconciling item
3. B, F 8. K, O 13. F, G 18. J, N
4. E, H 9. D, H 14. D, F 19. L, N
5. J, N 10. B, F 15. J, N 20. N, O
Problem 14 (Contronics Company)
Petty Cash
Fund
Purchasing
Fund
Cash in Bank Total
Balances, per ledger P 15,000 P 35,000 P134,500 P184,500
Disbursed in 2012 (6,000) (20,000) (26,000)
Bank credit memo 58,000 58,000
Balances per audit P9,000 P15,000 192,500 P216,500
Adjusting entries
Gasoline Expense 4,500
Miscellaneous Expenses 500
Transportation Expense 1,000
Petty Cash Fund 6,000
Cash 5,800
Cash 13,500
Miscellaneous Income 13,500
(b) Correct amount of cash
Cash balance, per ledger P1,640,000
Cash sales of 2013 (285,200)
Unreleased check for utilities 19,300
Postdated checks received (57,800)
Customers NSF checks (32,500)
Stale check (3,500)
Shortage in the change fund (550)
2012 vouchers in petty cash fund (5,500)
Cash shortage in the petty cash fund (300)
Unrecorded deposits (sale of scrap) 13,500
Cash balance, per audit 1,287,450
Supply the Answers
Note to the Teacher: Please supply the petty cash imprest balance of P50,000 in problem B. (You may supply
another figure for variation in your other classes.)
Summary of Answers:
1. 308.40
2. 4,606.60
Chapter 3
Cash
35
3. 5,000 shortage
4. 35,000
5. 800
6. 5,700
7. 400
8. 5,300
9. 53,800
10. 838,600
11. 157,950
12. 780,650 or 761,650 (NSF checks may be treated as deduction from receipts)
13. 625,700 or 606,700 (NSF checks may be treated as deduction from receipts)
14. 3,000
15. 92,000
16. 145,600
17. 71,950
18. 1,828,212
19. imprest system deposit of collections intact to the bank
20. segregation of duties of custodial function and bookkeeping function
21. 125,250
22. 194,550
23. 255,700
24. 55,000
SUPPORTING COMPUTATIONS
A. 1. Total per count P 10,761.60
Cashiers accountability
Petty cash fund P 10,500
Cashiers accountability
Petty cash fund P15,000
Unreleased payroll 5,000 20,000
Cash shortage P 400
8. Bills and coins P7,300
Vouchers with January 2013 dates 200
Employees check dated December 2012 2,800
Total cash items as of December 31 P10,300
Unreleased payroll (5,000)
Correct petty cash balance on December 31 P5,300
E. Bank Books
9. Unadjusted balances P850,000 P750,500
Bank credit memo 150,000
Bank debit memo (4,500)
Outstanding checks (120,400)
Check of Kin 21,000
Error in recording check (3,600)
Cash on hand 88,000
Balances before cash shortage P838,600 P892,400
Cash shortage ( 53,800)
10. Cash balance, per audit P838,600 P838,600
F. January 31 Receipts Disbursements Feb. 28
Unadjusted balances per bank 13,500 790,450 647,700 156,250
Outstanding checks
January 31 (65,000) (65,000)
November (6,000)
December 12,000
Bank service charges
November (2,400)
December 3,000
Balances before outstanding checks, December 31 P105,000 P197,000
105,000
Outstanding checks, December 31 P92,000
H. June Receipts
Per bank Per books
16. Unadjusted receipts in June P310,000 420,000
Collections made directly by bank in May (30,300)
Deposits in transit, May 31 (15,000)
Loans granted by bank in June 50,000
Error in recording deposit 900
Balances before deposits in transit, June 30 P295,000 P440,600
295,000
Deposits in transit, June 30 P145,600
I. Per bank Per books
Unadjusted balances 1,555,000 1,890,162
Credit memo for collections by bank 10,000
Outstanding checks (106,229)
Undeposited receipts 379,441
Balances before shortage P1,828,212 P1,900,162
17. Amount stolen (71,950)