Petty cash fund10,000Cash withheld from wages190,000General cash500,000Total cash3,700,000The accounts receivable included past due account in the amount of P100,000. Theaccount is deemed uncollectible and should be written off. The inventory includedgoods held on consignment amounting to P150,000 and goods of P200,000purchased and received on December 31, 2019. Neither of these items have beenrecorded as a purchase. The prepaid insurance included cash surrender value of lifeinsurance of P50,000.What total amount should be reported as current assets on December 31, 20197 Stasis Smash Company revealed the following information on December 31, 2019:Cash3,700,000Accounts receivable1,500,000Allowance for doubtful accounts(200,000)Inventory2,000,000Prepaid insurance300,000Total current assets7,400,000Analysis of cash:Cash in bank1,300,000Bank overdraft in another bank(300,000)Cash set aside for plant addition2,000,000Petty cash fund10,000

Current assets are those assets which are either in cash or can be converted into cash into short…

Answered: Petty cash fund 10,000 Cash withheld…

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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ANIMAH Ventures operates a Petty Cash on the imprest system with a float of GHC600. Reimbursements are made such that cash on hand does not fall below GHC72. Below is a summary of Petty Cash transactions for the period to 31 July, 2017.GHCJuly 1 Received reimbursement by cheque from cashier 504July 3 Paid Wages 204July 5 Paid Rent and Rates 90July 7 Paid Wages and Salaries 180July 8 Paid Electricity 51July 11 Paid for transport 18July 12 Paid for transport 24July 13 Paid Wages 108July 14 Paid Rent and Rates 33July 15 Paid Wages 132July 17 Paid Koo Nimo a creditor in full 110July 18 Paid for transport 60July 19 Paid Electricity 15July 20 Paid K. Ansah a creditor 24July 21 Paid for transport 21July 25 Paid Rent and Rates 108July 29 Paid Wages and Salaries 288July 31 Paid for transport 84Required:You are required to write-up the petty cashbook.
The following information were taken from Bach Co.: Bach established a petty cash fund on May 2, 2021, amounting to P5,000. Expenditures from the fund by the custodian as of May 31, 2021, were evidenced by approved petty cash vouchers for the following: Page 6 of 11 Office supplies P1,960 Meals and snacks 600 Shipping charges 1,149 Miscellaneous 763 On May 31, 2021, the petty cash fund was replenished. Currency and coins in the fund at that time totaled P378. The bank statement from Sulfur Bank is shown below: Disbursements Receipts Balance Balance, May 1, 2021 Deposits Note payment direct from customer (interest of P600) Checks cleared during May Bank service charges Balance, May 31, 2021 P175,380 P560,000 18,600 P623,000 540 P130,440 The cash balance as found in Bach's records shows the following information: P177,000 Balance, May 1, 2021 May deposits Checks written in May 615,080 636,700 Deposits in transit are determined to be P60,000, and checks outstanding on May 31 totaled…
8) ABC Company revealed the following information on December 31, 2019: Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts (200,000) Inventory 2,000,000 Prepaid insurance 300,000 Total current assets 7,400,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank (300,000) Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 Total cash 3,700,000 The accounts receivable included a past due account in the amount of P100,000. The account is deemed uncollectible and should be written off. The inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on December 31, 2019. Neither of these items have been recorded as a purchase. The prepaid insurance included a cash surrender value insurance of P50,000. What is the adjusted cash balance? What is the adjusted inventory? What is the adjusted net realizable value of accounts…
None
23.At the end of the accounting period, the petty cash fund/drawer showed petty cash vouchers for expenses paid from the fund that have not been reimbursed. If no adjusting entry is made at year end, a. cash will be understated and expenses will be overstated. b. cash will be overstated and expenses will be understated c. cash and net income will be understated. d. cash and expenses will be overstated.
2. The petty cash fund was established on April 10, 2020, in the amount of $300. These are the following expenditure made by petty cash custodian: Postage expense Mailing labels and other supplies 1.O.U from employees Shipping charges (to customer) Newspaper advertising Miscellaneous expense $27 $75.25 $25 $47.50 $33 $47.25 On April 30, 2020 the petty cash fund was reimbursed when the cash in the fund is at $25. Prepare the journal entries for the establishment of the fund and the reimbursement.
As on 31 May 2020 the deposits awaiting clearance is RO15,240 and cheques yet to be presented for payment is RO17,590; while the bank balance as recorded in the Cash book was RO 5,480. How much should be the bank balance as on 31 May 2020 as per bank statement? a. RO 6130 b. RO 6130 Overdraft c. RO 7830 d. RO 7830 overdraft -fast-
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?
Duct Company reported the following account balances and related information on December 31, 2019 Cash 3,700,000 Accounts receivable 1,500,000 Allowance for doubtful accounts 200,000 Inventory 2,000,000 Prepaid expenses 300,000 Analysis of cash: Cash in bank 1,300,000 Bank overdraft in another bank 300,000 Cash set aside for plant addition 2,000,000 Petty cash fund 10,000 Cash withheld from wages 190,000 General cash 500,000 The accounts receivable included past due accounts in the amount of P100,000. The account is deemed uncollectible and should be written off. The Inventory included goods held on consignment amounting to P150,000 and goods of P200,000 purchased and received on Dec. 21, 2019. Neither of these items has been recorded as purchases. The prepaid insurance included cash surrender value of life insurance of P50,000. What is the adjusted inventory? a. P2,200,000…
At December 31, 2018, Wynne Company reported Accounts Receivable of $45,000 and Allowance for Doubtful Accounts of $3,500. On January 7, 2019, Brown Enterprises declares bankruptcy and it is determined that the receivable of $1,200 from Brown is not collectible. What is the cash realializable value of accounts receivab;le after the Brown account is written off?
The Treasury Accounts-MDS, Regular account of Agency ABC as of December 31, 2020, had the following transactions: Outstanding Check P25,850, Bank Charges P4,750, Overstatement of MDS Account due to erroneous recording of NCA (with ARO) received P150,000, Overstatement of MDS Account due to erroneous recording of the amount of check issues issued P20,000, Understatement of NCA for regular recorded by bank P800,000, Lapsed NCA for regular account with ARO P420,000, Understatement of MDS Account due to erroneous recording of the amount of checks issued P8,000, NCA received by bank but not recognized by the Agency P543,210. Agency Book Balance P11,043,540, Balance per Bank P10,225,850.How much is the Adjusted balance per book and bank? *

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