Homework Help is Here – Start Your Trial Now!
Business
Accounting
C32 The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed of the following:   Currencies — P3,800 Coins — P1,200 Paid vouchers:    Office supplies — P1,750    Postage stamps — P2,000    Loans to employees — P6,000 Check drawn  by the manager, returned by bank marked "NSF." — P2,750 Check drawn by the company, payable to the order of the petty cash custodian, representing her salary — P12,500   The amount of petty cash fund that should be shown on the statement of financial position at June 30, 2020 of Y Company is ( with solution) a. P5,000 b. P17,500 c. P20,250 d. P30,000

C32 The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed of the following:   Currencies — P3,800 Coins — P1,200 Paid vouchers:    Office supplies — P1,750    Postage stamps — P2,000    Loans to employees — P6,000 Check drawn  by the manager, returned by bank marked "NSF." — P2,750 Check drawn by the company, payable to the order of the petty cash custodian, representing her salary — P12,500   The amount of petty cash fund that should be shown on the statement of financial position at June 30, 2020 of Y Company is ( with solution) a. P5,000 b. P17,500 c. P20,250 d. P30,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

MC32

The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed of the following:

 

Currencies — P3,800

Coins — P1,200

Paid vouchers:

   Office supplies — P1,750

   Postage stamps — P2,000

   Loans to employees — P6,000

Check drawn  by the manager, returned by bank marked "NSF." — P2,750

Check drawn by the company, payable to the order of the petty cash custodian, representing her salary — P12,500

 

The amount of petty cash fund that should be shown on the statement of financial position at June 30, 2020 of Y Company is ( with solution)

a. P5,000

b. P17,500

c. P20,250

d. P30,000

Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Bank reconciliation statement
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS