Case 5: FEEL NA FEEL, INC. In the audit process, the following data were obtained from the books of Feel na Feel, Inc., which uses a voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with the Vouchers Payable control account. You are called to adjust the matter. A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to you. Voucher No. 896 909 918 952 955 968 982 Date Nov. 27 Dec. 2 Supplier Balentong Traders Shala Company Amount P78,400 19,600 44,100 17,150 22,050 80,850 78,400 P340,550 Mukasim Dealers 11 20 21 22 31 Boom Panes, Inc. Edi Wow Company Neknek Company Bebot, Inc. Cash disbursements Purchase returns journal Vouchers Payable (Control Account) 1,309,500 Purchases journal 36,750* 1,645,000 *Voucher nos. 909 and 952 cancelled as goods were retuned in December. Based on the above information and the result of your audit, compute the following: 12. Adjusted balance of Vouchers Payable as of December 31, 20x1 13. Purchase Discounts Lost on paid vouchers 14. Purchase discount lost on paid vouchers

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Case 5: FEEL NA FEEL, INC.
In the audit process, the following data were obtained from the books of Feel na Feel, Inc., which uses a
voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered
in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave
to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record
the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with
the Vouchers Payable control account. You are called to adjust the matter.
A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to
you.
Voucher No.
Date
Nov. 27
896
909
918
952
955
968
982
Supplier
Balentong Traders
Shala Company
Mukasim Dealers
Boom Panes, Inc.
Edi Wow Company
Neknek Company
Bebot, Inc.
Amount
P78,400
19,600
44,100
17,150
22,050
80,850
78,400
P340,550
Dec. 2
11
20
21
22
31
Cash disbursements
Purchase returns journal
Vouchers Payable (Control Account)
1,309,500 Purchases journal
36,750*
1,645,000
"Voucher nos. 909 and 952 cancelled as goods were returned in December.
Based on the above information and the result of your audit, compute the following:
12. Adjusted balance of Vouchers Payable as of December 31, 20x1
13. Purchase Discounts Lost on paid vouchers
14. Purchase discount lost on paid vouchers
Transcribed Image Text:Case 5: FEEL NA FEEL, INC. In the audit process, the following data were obtained from the books of Feel na Feel, Inc., which uses a voucher system. All invoices are subject to terms 2/10, n/30, and are entered net with the discount entered in Purchase Discounts column of the voucher register. The accountant in charge of the books went on leave to attend to his family based in New Jersey. A fresh accountancy graduate has been assigned to record the transactions. At year-end, the substitute accountant finds that the unpaid vouchers do not agree with the Vouchers Payable control account. You are called to adjust the matter. A schedule of unpaid vouchers as of December 31, 20x1, all of which are net of discount, is presented to you. Voucher No. Date Nov. 27 896 909 918 952 955 968 982 Supplier Balentong Traders Shala Company Mukasim Dealers Boom Panes, Inc. Edi Wow Company Neknek Company Bebot, Inc. Amount P78,400 19,600 44,100 17,150 22,050 80,850 78,400 P340,550 Dec. 2 11 20 21 22 31 Cash disbursements Purchase returns journal Vouchers Payable (Control Account) 1,309,500 Purchases journal 36,750* 1,645,000 "Voucher nos. 909 and 952 cancelled as goods were returned in December. Based on the above information and the result of your audit, compute the following: 12. Adjusted balance of Vouchers Payable as of December 31, 20x1 13. Purchase Discounts Lost on paid vouchers 14. Purchase discount lost on paid vouchers
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