AJA Company, provided the following information pertaining to its petty cash fund during the year: The company established a P40,000 petty cash fund on November 12, 2021. On November 30, 2021, the PCF was replenished, and the accountant recorded the replenishment as follows: Various expenses 14,000 Loss on petty cash shortage 1,000 Cash in bank 15,000 At year-end the petty cash fund was not replenished, and the random cash count at December 31, 2021 revealed the following: Bills and coins 6,000 Paid expense vouchers Transportation 2,000 Fuel and gasoline 3,000 Office supplies 1,500 IOUs 10,000 Unpaid expense vouchers Representation fees 9,000 Payment for parking 4,500 Postdated checks of the followin
Problem 8
JAJA Company, provided the following information pertaining to its petty cash fund during the year:
The company established a P40,000 petty cash fund on November 12, 2021.
On November 30, 2021, the PCF was replenished, and the accountant recorded the replenishment as follows:
Various expenses 14,000
Loss on petty cash shortage 1,000
Cash in bank 15,000
At year-end the petty cash fund was not replenished, and the random cash count at December 31, 2021 revealed the following:
Bills and coins 6,000
Paid expense vouchers
Transportation 2,000
Fuel and gasoline 3,000
Office supplies 1,500
IOUs 10,000
Unpaid expense vouchers
Representation fees 9,000
Payment for parking 4,500
Postdated checks of the following:
Company officers 10,000
Petty cash custodian 5,000
Customers 12,000
How much is the (net shortage)/net overage during the year ended December 31, 2021?
(If net shortage, use the "-" symbol, if net overage positive sign)
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