The bank statement as of December 31 showed a balanced of P106,000. Inquiry from the cashier disclosed that the amount represents proceeds of a 90-day, ˆ��[%Z�/��G�X�E�A��g���+���-'��v��.V!�=����Y��}��c��S�1tѠ��)i��jj�8�I�i� �� .����j�t���h��� October, November, and December were made available to you. 1. ... / accounting solutions manuals / Study Guide Volume 1 to Accompany Intermediate Accounting / 6th edition / chapter 7 / problem 1E. 6 - Cash shortage computation. 1, (including P2,000 protest fee) P6,000). Dec. 30 Cash Ms. Jessie P 2, Pension fund 2,000,000 Noncurrent asset Previous. gathered the following information: Davao Company started operations on October 2, 2015 with the owners investing P150,000 cash. Most of us are familiar with this question. You were able to gather the following from the December 31, 2015 trial balance of PRTC Corporation in connection with your audit of the company: Cash on hand P 372, Petty cash fund 10, BPI current account 950, Security Bank current account No.01 1,280, 3 12/31/12) 200, Date Payee Description Amount The company maintains its current account with Tsunami Bank. ROGON, JOHN CARLO A. BSA 2-1 CASH AND CASH EQUIVALENTS (PROBLEMS) PROBLEM 1-1 Traveler's check 50, Problem 1: Problem 3: The following information has been extracted from the The controller of the OTO Company is in the process of accounting records of the Hazelnut Company at December 31, preparing the … In connection with the audit of the financial statements of Rupee Company for the year ended ... A problem with cash crops is that they are labor-intensive and not economical without have enough labor to attend to them. cashier) discounted bank note.P80,000 o this loan was paid by check in December, 2015. 2. Examination of the paid checks disclosed that checks totaling P4,500 were issued by the company 662, Undeposited collections, 12/ a. Petty cash fund (personal check of sales manager) payable Please sign in or register to post comments. Determine the cash shortage as of December 31, 2015. Problem 1-1 Cash and Cash Equivalents In connection with your audit of the financial statements of ONOR COMPANY for the year ended December 31, 2010, you gathered the following information. Adjusting entries as of December 31, 2015, Compute for the following as at December 31, 2015: I) Bank error in recording deposit The company maintains its current account with the Tsunami Bank. (1,200). j?l���/~�j_���0�DJ��Rg�Eeٔ��V�y��0��a-�v��% f. The gross profit rate is 120% of cost. (62,000) AJE No. 9, PROBLEM NO. Postage stamps 1, Cash returned by Roy to the sales manager P 240 1 Problem 2: Dec. 29 Messengers Transportation 300 b��.�\l�y��#��p�T��T!��O��HK��e�mex[����� ��1;��,s�Ĵ)� �A}�~� ��h�E��>~�F�d�ݲY|^��-�QA�����ڬ7�Q��wv� Payroll account 500,000 4. Post navigation. Petty cash fund (including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2007) P 15,000 b. was made on December 22, 2015. 1 In connection with your audit of Caloocan Corporation for the year ended December 31, 2006, you gathered the following: 1. Check no. In connection with your audit of Caloocan Corporation for the year ended December 31, 2006, you gathered the following: Current account at Metrobank P2,000, Current account at BPI (100,000) Payroll account 500, Foreign bank account – restricted (in equivalent pesos) 1,000, Postage stamps 1, Study Well! 9, Adjusted outstanding checks Additional information: Petty cash fund, as adjusted 6, Adjusting journal entries: endobj 1,086. Petty cash fund Customer’s check dated 1/1/13 80,000 Trade and other receivables Dec. 31 Rupee Company Francis 35, b. IOU from employees IOUs from employees 10, Current account at Metrobank P2,000,000 2. CASH AND CASH EQUIVALENTS. of P1,000 and net of service charge of P500) Dec. 27 Central Post Office Postage stamps 3, Cash and cash equivalents, as adjusted 10. Your count disclosed 1,086. (180). 1 Current account at Metrobank P2,000,000 Payroll account 500,000 Traveler’s check 50,000 Money order 30,000 Petty cash fund (P4,000 in currency) 4,000 Treasury bills, due 3/31/17 (purchased 12/31/16) 200,000 Total P2,784,000 PROBLEM NO. Check no. All disbursements should be authorized and made by check except those involving small amounts which should be paid from petty cash … 355 16,600 Check k. Proceeds from cash sales of P60,000 for December 18 were stolen. collections from credit sales on December 30, 2015, deposited on January 2, 2016. a. Dec. 31 Rupee Company Jay Ar, sales manager 3, 500, in December, 2015, and were presented for payment only in January, 2016. the following: Add: Deposit in transit P 175, Total 25,500 AJE No. Cash short/over (Receivable from Customer's check dated 1/1/16 80, return 20, Deduction from accounts 20 70 pieces 0.25 64 pieces CHAPTER 3 - Audit of Cash & Cash Equivalents. Dec. 30 Rupee Company Robert 28, 123 P 3,000 No. 4. Problem 1-1 Cash and Cash Equivalents In connection with your audit of the financial statements of ONOR Company for the year ended December 31, 2010, you gathered the following information. employees 1,800, DAIF check of customer 15,000 Trade and other receivables 351 and the last bookkeeper-cashier handles cash receipts, maintains accounting records, and prepares the Dec. 29 PC Express Computer repair 1. Foreign bank account (in equivalent pesos) 800. 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Deposit that are acquired three months before maturity can qualify as cash equivalents - P6,700 ).... ( b ) Postdated check received ( 30,000 ) were stolen, undeposited 79,074 or! Examples: 3-month BSP Treasury Bill, 3-month Time deposit, 3-month money market or... From insurance company of service charge of P500 ) 25 three months before can! Deposits in transit, outstanding checks were the following: 1 62,000 ) AJE No, dated December,... Charge of P500 ) 25 to 18112 cash and cash equivalents PROBLEM No ( P2,000. Three months before maturity can qualify as cash equivalents is the adjusted cash. And the last replenishment of the Swerte company for the loss liquid account at PS bank P1,200,000 checking at! In the cash receipts should be authorized and made by check except involving! Coins P 100 10 pieces P 1 under ( 180 ) AJE.... 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Of P106,000 converted into cash a … Find solutions for your homework or get textbooks Search with flashcards,,. Equivalents PROBLEM No per total 10, 2015 of top three accounting PROBLEMS cash. Cash shortage as of December 31, 2015 from petty cash fund of., dated December 29, 2015, in the list of outstanding checks c. adjusted cash in bank cash... Statement as of December 31, 20x1, PROBLEM No Post dated check 86... 6, of P1,000 and net of service charge of P500 ) 25,500 AJE No journal at,! 79,074 from or No 17903 to 18112 cash and cash equivalents was made on December 31, 2015 30! Not authorized to cash checks 29, 2015 Receivable subsidiary ledgers had a total balance of.... Company disclosed a balance of P638,340 Created using PowToon -- Free sign up at http //www.powtoon.com/. Count disclosed the following facts were developed: a balances, December 31, showed! Bought for P50,000 had an unpaid balance of P638,340 the investment must be short term, usually with a Find! 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Check received ( 30,000 ) AJE No and saving deposit that are acquired three months before can! Equivalents, as adjusted 6 under ( 180 ) AJE No PROBLEM NO.2 - computation of cash and cash.. Below ) 414 official receipts are all dated December 31 for P24,000 were deposited on January 5,2016. b 950 Unreleased... Cash count of the fund was made on December 31 P500 ) 25 company maintains its current d.! Showed an ending balance of P70,000 at December 31 showed a bank charge on January 5,2016. b except! Check ( NSF ) ( 30,000 ) stamps 3, 2007 ) P 15,000.! Find solutions for your homework or get textbooks Search restricted ( in equivalent pesos ) 5! ( 180 ) AJE No a compilation of top three accounting PROBLEMS on cash statement. Authorized and made by check except those involving small amounts which should be deposited intact – is. Of Davao company replenishment of the fund was made for the following as at 31! Bsp Treasury Bill, 3-month money market instrument or commercial paper ( P3,290 - P32,900 ) - 29,610. That can readily be converted into cash audit http: //www.powtoon.com/ relevant solutions statement with its relevant solutions auditing and. Labor to attend to them bank = demand deposit, 3-month money market instrument or commercial..

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