6 problem no 3 cash count and shortage computation in

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Applied Calculus for the Managerial, Life, and Social Sciences
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Chapter 4 / Exercise 37
Applied Calculus for the Managerial, Life, and Social Sciences
Tan
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6
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Applied Calculus for the Managerial, Life, and Social Sciences
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Chapter 4 / Exercise 37
Applied Calculus for the Managerial, Life, and Social Sciences
Tan
Expert Verified
PROBLEM NO. 3- Cash count and shortage computationIn connection with the audit of the financial statements of Rupee Company for the year endedDecember 31, 2015,you performed a surprise count of the petty cash fund and undepositedcollections under the custody of Ms. Jessie at 8:15 a.m. on January 3, 2016. Your count disclosedthe following:Bills and CoinsBillsCoinsP 10010 piecesP1.00410 pieces5080 pieces0.50324 pieces2070 pieces0.2564 pieces1054 piecesUnused postage stamps - P730ChecksDatePayeeDrawerAmountDec. 30CashMs. JessieP 2,400Dec. 30Rupee CompanyRobert28,000Dec. 31Rupee CompanyJay Ar, sales manager3,360Dec. 31Rupee CompanyFrancis35,600Dec. 31Rupee CompanyRyan16,600Dec. 31German Corp.Rupee Company54,000Expense VouchersDatePayeeDescriptionAmountDec. 23JayAr,salesmanagerCash advance for trip to BaguioCityP 14,000Dec. 27Central Post OfficePostage stamps3,240Dec. 29MessengersTransportation300Dec. 29PC ExpressComputer repair1,600Other items found inside the cash box:aTwo pay envelopes which had been opened and the contents aggregating P15,000representing unclaimed salaries had been removed.bThe sales manager's liquidation report for his Baguio trip:Cash advance received on Dec. 23P 14,000Less: Hotel accomodation9,000Bus fare for two800Cash given to Roy, salesman60010,400BalanceP 3,600P
Accounted for as follows:Cash returned by Roy to the sales managerP 240Personal check of sales manager3,360TotalP3,600Additional information:aThe custodian is not authorized to cash checks.bThe last official receipt included in the deposit on December 30 is No. 351 and the lastofficial receipt issued for the current year is No. 355. The following official receipts areall dated December 31, 2015.O.R. No.AmountForm of payment352P27,200Cash35335,600Check3547,200Cash35516,600Checkc)The Petty Cash balance per general ledger is P20,000. The last replenishment of the fundwas made on December 22, 2015.REQUIRED:1.Determine shortage or overage, if any2.Adjusting entries as of December 31, 2015SOLUTION:Requirement No. 1Bills and coinsDenominationQuantity Amount Total P100.0010 1,000 50.0080 4,000 20.0070 1,400 10.0054 540 1.00410 410 0.50324 162
0.2564 16 7,528 ChecksDateDrawer Amount Dec. 30Ms. Jessie 2,400 Dec. 30Robert 28,000Dec. 31Jay Ar 3,360Dec. 31Francis 35,600Dec. 31Ryan 16,60085,960 Unreplenished vouchersDateAccount Amount Dec. 23Advances 14,000Dec. 27Postage 3,240Dec. 29Transportation 300Dec. 29Repairs 1,60019,140 AJE1&2 Total cash and cash itemscounted112,628 Less accountabilities:Petty cash20,000 Undeposited collections - perOR86,600 Undeposited collections - without OR28,000 AJE 4 Excesstraveladvancereturned3,360 AJE 3 Unclaimed salaries15,000 152,960 AJE 5 Cash shortage(40,332)AJE 6 Requirement No. 21Advances to officers andemployees14,000

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