EFG Company established a petty cash fund of P90,000 on December 1, 2021.As of December 31, 2021, the petty cash count revealed the following: Bills and coins 19,000Expense vouchers of the following: Supplies 12,000 Representation 10,000 Miscellaneous 15,000Postage stamps 5,000Check payable to the petty cash custodian 38,000Envelope containing christmas party contributions (opened and empty) 3,000 How much is the cash (shortage)/overage?

EFG Company established a petty cash fund of P90,000 on December 1, 2021.As of December 31, 2021, the petty cash count revealed the following: Bills and coins 19,000Expense vouchers of the following: Supplies 12,000 Representation 10,000 Miscellaneous 15,000Postage stamps 5,000Check payable to the petty cash custodian 38,000Envelope containing christmas party contributions (opened and empty) 3,000 How much is the cash (shortage)/overage?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 20E

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Raffy Tulfo In Action (RTIA) appointed Shelwyn as its petty cash custodian. As at December 31, 2020, the petty cash amounted to P50,000 and is consisted of the following:Check drawn payable to Shelwyn to replenish the fund P20,000Customer check received for payment of an account 10,000Grab and uber receipts incurred by RTIA staffs 5,000Note pledged by Brill, an employee of RTIA 5,000Currency and coins 5,000Envelope containing contributions for RTIA staff's dinner 5,000As at December 31, 2020, what is the amount to be reported as petty cash in RTIA's statement of financial position?
On April 1, 2021, VKS Co. established a petty cash fund for P80,000 by writing a check drawn against general checking account. On April 30, the funds contained the following:Currency and coins- P24,000Receipts for office supplies- P32,000Receipts for postage still unused- P16,000 Receipts for transportation- P4,800On April 30, the company write a check to replenish the fund.What is the amount of replenishment under the imprest fund system?
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