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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,

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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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: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,
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?
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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