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Determine the following as a result of your audit: 1. How much is the correct balance of cash on hand (excluding the PCF) as of December 31, 2021? 2. How much is the correct balance of petty cash fund as of December 31, 2021? 3. How much is the correct balance of cash in Asian Development bank as of December 31, 2021? 4. How much is the amount of cash in Land Bank as of December 31, 2021? 5. How much is the correct balance of cash equivalents as of December 00013

Determine the following as a result of your audit: 1. How much is the correct balance of cash on hand (excluding the PCF) as of December 31, 2021? 2. How much is the correct balance of petty cash fund as of December 31, 2021? 3. How much is the correct balance of cash in Asian Development bank as of December 31, 2021? 4. How much is the amount of cash in Land Bank as of December 31, 2021? 5. How much is the correct balance of cash equivalents as of December 00013

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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payee on January 3, 2022, P84,000. Check number 2782 written on Cash on hand, P197,000; Petty cash fund, P10,000; Asian Development Check number 2781 written and dated December 21, 2021 but delivered to December 23, 2021 and dated January 7, 2022 but delivered to payee on Included in the checks drawn by the company against the Asian Case 2 The trial balance of Eros Company as of December 31, 2021 includes u following accounts and balances: Cash on hand, P197,000; Petty cash fund, P10,000; Asian Develonme Bank – CA, P1,880,000; Land bank - CA No. 1, P2,100,000; Land Rank CA No. 2, overdraft (P200,000); Metro Bank - SA, P500,000 and Metro Re - Time deposit (due in 2- months, purchased 12/31/2021), P630,000. The cash on hand includes the following items: Customers check for P10,000 returned by the bank on December 28, 2021 due to insufficient funds, but subsequently re-deposited and cleared by the bank on January 2, 2022. Postal money orders received from customers. P5,000. Customers check for P21,000 dated January 4, 2022 but received on December 27 , 2021. allid ysen The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins, P2,750; Employee advances, P1,000; currency in an envelope marked "collection for charity" with names attached, P1,200; Un- replenished petty cash vouchers, P950; check drawn by the company payable to petty cash custodian representing replenishment of useu vouchers, P2,810. ned kul na to Anisa le 08 airt lo euley pldesilsojel he Included in the checks drawn by the company against the As Development Bank account and recorded as of December 2021: payee on January 3, 2022, P84,000. Check number 2782 Witee on December 27, 2021, P102,000.
Transcribed Image Text:payee on January 3, 2022, P84,000. Check number 2782 written on Cash on hand, P197,000; Petty cash fund, P10,000; Asian Development Check number 2781 written and dated December 21, 2021 but delivered to December 23, 2021 and dated January 7, 2022 but delivered to payee on Included in the checks drawn by the company against the Asian Case 2 The trial balance of Eros Company as of December 31, 2021 includes u following accounts and balances: Cash on hand, P197,000; Petty cash fund, P10,000; Asian Develonme Bank – CA, P1,880,000; Land bank - CA No. 1, P2,100,000; Land Rank CA No. 2, overdraft (P200,000); Metro Bank - SA, P500,000 and Metro Re - Time deposit (due in 2- months, purchased 12/31/2021), P630,000. The cash on hand includes the following items: Customers check for P10,000 returned by the bank on December 28, 2021 due to insufficient funds, but subsequently re-deposited and cleared by the bank on January 2, 2022. Postal money orders received from customers. P5,000. Customers check for P21,000 dated January 4, 2022 but received on December 27 , 2021. allid ysen The petty cash fund consisted of the following items as of December 31, 2021: Currency and coins, P2,750; Employee advances, P1,000; currency in an envelope marked "collection for charity" with names attached, P1,200; Un- replenished petty cash vouchers, P950; check drawn by the company payable to petty cash custodian representing replenishment of useu vouchers, P2,810. ned kul na to Anisa le 08 airt lo euley pldesilsojel he Included in the checks drawn by the company against the As Development Bank account and recorded as of December 2021: payee on January 3, 2022, P84,000. Check number 2782 Witee on December 27, 2021, P102,000.
ents Land Bank account The credit balance in the Land Bank account represents check drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2021. Your inquiry and inspection of related documents revealed that there is an agreement between the bank and the client to offset in each account. Metro Bank account The savings account in Metro Bank has been set aside by the board of directors for the acquisition of new equipment. This amount is expected to be disbursed in the next two years as of December 31, 2021. Determine the following as a result of your audit: 1. How much is the correct balance of cash on hand (excluding the PCF) as of December 31, 2021? 2. How much is the correct balance of petty cash fund as of December 31, 2021? 3. How much is the correct balance of cash in Asian Development bank as of December 31, 2021? 4. How much is the amount of cash in Land Bank as of December 31, 2021? 5. How much is the correct balance of cash equivalents as of December 31, 2021? T 6. How much is the total cash and cash equivalents reported in its statement of financial position as of December 31, 2021?
Transcribed Image Text:ents Land Bank account The credit balance in the Land Bank account represents check drawn in excess of the deposit balance. These checks were still outstanding at December 31, 2021. Your inquiry and inspection of related documents revealed that there is an agreement between the bank and the client to offset in each account. Metro Bank account The savings account in Metro Bank has been set aside by the board of directors for the acquisition of new equipment. This amount is expected to be disbursed in the next two years as of December 31, 2021. Determine the following as a result of your audit: 1. How much is the correct balance of cash on hand (excluding the PCF) as of December 31, 2021? 2. How much is the correct balance of petty cash fund as of December 31, 2021? 3. How much is the correct balance of cash in Asian Development bank as of December 31, 2021? 4. How much is the amount of cash in Land Bank as of December 31, 2021? 5. How much is the correct balance of cash equivalents as of December 31, 2021? T 6. How much is the total cash and cash equivalents reported in its statement of financial position as of December 31, 2021?
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