ivalents Bills Count Coins P1.00 0.50 0.25 P100 50 50 pieces 250 pieces 270 pieces Count 950 pieces 650 pieces 220 pieces 20 Unused postage stamps - P1,500 Checks Date Payee Drawer Amount Themis Company (replenishment check) Jhim Dec 30 Cash Themis Company Themis Company Jerry, sales manager Themis Company Themis Company Ricmel Meynerd Corp P5,000 56,000 6,800 75,000 33,000 110,000 Dec 30 Dec 31 Dec 31 Gerald Dec 31 Dec 31 Themis Company Expenses Voucher Date Dec 20 Dec 20 Payee Fitness First Jabee foods Description Zumba fee Meals during meeting Amount P3,200 1,800 Fem Gen. Bond paper and scissors Cash advance for trip to Davao Dec 22 merchandise 400 Jerry, sales manager Dec 23 25,000 Postage stamps 6,500 Dec 27 Post office 700 Messengers Transportation Dec 29 Machinery repair 4,500 Dec 29 Mac express Other items found in the cash box C. Two pay envelope which had been opened and the contents aggregating P20,000 representing unclaimed salaries. The pay slip attached in the envelope showed a net pay of P35,000,
ivalents Bills Count Coins P1.00 0.50 0.25 P100 50 50 pieces 250 pieces 270 pieces Count 950 pieces 650 pieces 220 pieces 20 Unused postage stamps - P1,500 Checks Date Payee Drawer Amount Themis Company (replenishment check) Jhim Dec 30 Cash Themis Company Themis Company Jerry, sales manager Themis Company Themis Company Ricmel Meynerd Corp P5,000 56,000 6,800 75,000 33,000 110,000 Dec 30 Dec 31 Dec 31 Gerald Dec 31 Dec 31 Themis Company Expenses Voucher Date Dec 20 Dec 20 Payee Fitness First Jabee foods Description Zumba fee Meals during meeting Amount P3,200 1,800 Fem Gen. Bond paper and scissors Cash advance for trip to Davao Dec 22 merchandise 400 Jerry, sales manager Dec 23 25,000 Postage stamps 6,500 Dec 27 Post office 700 Messengers Transportation Dec 29 Machinery repair 4,500 Dec 29 Mac express Other items found in the cash box C. Two pay envelope which had been opened and the contents aggregating P20,000 representing unclaimed salaries. The pay slip attached in the envelope showed a net pay of P35,000,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
what's the answer in question 2?
Transcribed Image Text:IneM
Case 5
In connection with the audit of the financial statement of Themis Company
for the year ended December 31, 2021, you performed a surprise count of
the petty cash fund and undeposited collections under the custody of Ms.
Aliara at exactly 10:02 in the morning of January 5, 2022. Your count
disclosed the following:
UT cash and cash equivalents
Bills and coins
Bills
Count
50 pieces
250 pieces
270 pieces
Coins
P1.00
0.50
0.25
P100
Count
50
950 pieces
650 pieces
220 pieces
20
Unused postage stamps - P1,500
Checks
Date
Payee
Drawer
Themis Company
(replenishment check)
Amount
Dec 30
Cash
Themis Company Jhim
Themis Company Jerry, sales manager
Themis Company Gerald
Themis Company Ricmel
Meynerd Corp
P5,000
56,000
6,800
75,000
33,000
110,000
Dec 30
Dec 31
Dec 31
Dec 31
Dec 31
Themis Company
Expenses Voucher
Date
Payee
Fitness First
Description
Amount
Dec 20
Zumba fee
Meals during meeting
P3,200
1,800
Dec 20
Jabee foods
Fem Gen.
merchandise
Bond paper and scissors
Cash advance for trip to
Davao
Dec 22
400
Jerry, sales
manager
25,000
Dec 23
Post office
Postage stamps
6,500
Dec 27
700
Messengers
Transportation
Dec 29
4,500
Machinery repair
Dec 29
Мас ехpress
Other items found in the cash box
C. Two pay envelope which had been opened and the contents aggregating
P20,000 representing unclaimed salaries. The pay slip attached in the
envelope showed a net pay of P35,000,
Transcribed Image Text:d. Sales manager liquidation report for his Davao trip.
P15,000
1,000
1,500
nts
Chapter
P25,000
Cash advance received
Less: Hotel accommodation
Air fare
Cash given to Russia, salesman
Balance
17,500
P7,500
Accounted for as follows:
Cash returned by Russia to the sales manager
Personal check of sales manager
P700
6,800
P7,500
Total
Additional information:
a. The custodian is not authorized to issue nor encash checks.
b. The last official receipt included in the deposit on December 30 is No.
3051 and the last official receipt issued for the current year is No. 3055.
The following official receipts are all dated December 31, 2021.
O.R. No.
3052
Form of payment
Amount
3053
3054
3055
P65,500
75,000
25,000
33,000
Cash
Check
Cash
Check
InuomA
1008.r
OS poG
o C. The petty cash balance per general ledger is P50,000. The last
replenishment of the fund was made on December 21, 2021.
Determine the following as a result of your audit:
1. What are your proposed adjusting journal entries (PAJE) as of December
31, 2021?
2. Determine the amount of cash shortage or overage, if any.
a. Petty cash fund
b. Cash collections
3. How much is the correct balance of petty cash fund as of December 31.
2021?
4. How much is the total amount of cash presented in its December 31
2021 statement of financial position?
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