Problem 5. Mary Jane is the cashier of Chinita Girl Corporation. As representative of the Zarate and Associates, CPAS, you were assigned to verify her cash on hand in the morning of January 3, 2021. You began to count at 9:00 AM in the presence of Mary Jane. In the course of your counting, you found currencies in paper bills and coins together with checks, vouchers, and other items, which are mentioned below: Bills: (2) P500; (8) P100; (12) P50; (5) P20 Coins: P 5.00 11 loose 24 loose 5 rolls and 32 loose (50 pieces to a roll) 10 rolls and 15 loose (50 pieces to a roll) 1.00 0.25 0.10 14 rolls and 20 loose (40 pieces to a roll) 0.05 Checks: Date 12/22/20 12/26/20 Maker Vivian, Asst. Mgr Mary Jane, cashier Payee Chinita Girl Corp. Chinita Girl Corp. Amount P 6,000 4,000 IOUS: Amount P 500 Date 12/20/20 12/22/20 12/24/20 Maker Yap, Janitor Felix, clerk Ablay, bookkeeper 750 500 PETTY CASH VOUCHERS FOR REPLENISHMENT Accounts Charged Advances to employees Supplies Freight in Supplies Repairs Miscellaneous expense Amount P1,000.00 Date 12/16/20 Wagan, messenger 12/17/20 Maren and Co. 12/18/20 Eeman Liner 12/18/20 Posts Office 12/20/20 Alejandre, carpenter 12/21/20 Violan Рayee 545.00 983.00 300.00 2,950.00 554.00 Your investigation also disclosed the following: 1. The balance of petty cash fund per books is P20,000.00. 2. Cash sale of January 2, 2021 amounted to P8,650 per sales records, while cash receipts book and bank deposit slip showed that only P7,650 was deposited in the bank on January 3, 2021 3. The following employees' pay envelopes had been opened and the money removed. Each envelope was marked "Unclaimed" - Ernesto, P332.50; Secinando, P447.50. 15. The petty cash shortage of CHINITA GIRL CORPORATION at December 31, 2020 is:
Problem 5. Mary Jane is the cashier of Chinita Girl Corporation. As representative of the Zarate and Associates, CPAS, you were assigned to verify her cash on hand in the morning of January 3, 2021. You began to count at 9:00 AM in the presence of Mary Jane. In the course of your counting, you found currencies in paper bills and coins together with checks, vouchers, and other items, which are mentioned below: Bills: (2) P500; (8) P100; (12) P50; (5) P20 Coins: P 5.00 11 loose 24 loose 5 rolls and 32 loose (50 pieces to a roll) 10 rolls and 15 loose (50 pieces to a roll) 1.00 0.25 0.10 14 rolls and 20 loose (40 pieces to a roll) 0.05 Checks: Date 12/22/20 12/26/20 Maker Vivian, Asst. Mgr Mary Jane, cashier Payee Chinita Girl Corp. Chinita Girl Corp. Amount P 6,000 4,000 IOUS: Amount P 500 Date 12/20/20 12/22/20 12/24/20 Maker Yap, Janitor Felix, clerk Ablay, bookkeeper 750 500 PETTY CASH VOUCHERS FOR REPLENISHMENT Accounts Charged Advances to employees Supplies Freight in Supplies Repairs Miscellaneous expense Amount P1,000.00 Date 12/16/20 Wagan, messenger 12/17/20 Maren and Co. 12/18/20 Eeman Liner 12/18/20 Posts Office 12/20/20 Alejandre, carpenter 12/21/20 Violan Рayee 545.00 983.00 300.00 2,950.00 554.00 Your investigation also disclosed the following: 1. The balance of petty cash fund per books is P20,000.00. 2. Cash sale of January 2, 2021 amounted to P8,650 per sales records, while cash receipts book and bank deposit slip showed that only P7,650 was deposited in the bank on January 3, 2021 3. The following employees' pay envelopes had been opened and the money removed. Each envelope was marked "Unclaimed" - Ernesto, P332.50; Secinando, P447.50. 15. The petty cash shortage of CHINITA GIRL CORPORATION at December 31, 2020 is:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Problem 5.
Mary Jane is the cashier of Chinita Girl Corporation. As representative of the Zarate and Associates,
CPAS, you were assigned to verify her cash on hand in the morning of January 3, 2021. You began to
count at 9:00 AM in the presence of Mary Jane. In the course of your counting, you found currencies in
paper bills and coins together with checks, vouchers, and other items, which are mentioned below:
Bills:
(2) P500;
(8) P100;
(12) P50;
(5) P20
Coins:
P 5.00
11 loose
24 loose
5 rolls and 32 loose (50 pieces to a roll)
10 rolls and 15 loose (50 pieces to a roll)
14 rolls and 20 loose (40 pieces to a roll)
1.00
0.25
0.10
0.05
Checks:
Date
12/22/20
12/26/20
Maker
Vivian, Asst. Mgr
Mary Jane, cashier
Payee
Chinita Girl Corp.
Chinita Girl Corp.
Amount
P 6,000
4,000
IOUS:
Amount
P 500
Date
12/20/20
12/22/20
12/24/20
Maker
Yap, Janitor
Felix, clerk
Ablay, bookkeeper
750
500
PETTY CASH VOUCHERS FOR REPLENISHMENT
Date
12/16/20 Wagan, messenger
12/17/20 Maren and Co.
12/18/20 Eeman Liner
12/18/20 Posts Office
12/20/20 Alejandre, carpenter
12/21/20 Violan
Accounts Charged
Advances to employees
Supplies
Freight in
Supplies
Repairs
Miscellaneous expense
Рayee
Amount
P1,000.00
545.00
983.00
300.00
2,950.00
554.00
Your investigation also disclosed the following:
1. The balance of petty cash fund per books is P20,000.00.
2. Cash sale of January 2, 2021 amounted to P8,650 per sales records, while cash receipts book
and bank deposit slip showed that only P7,650 was deposited in the bank on January 3, 2021
Each
3. The following employees' pay envelopes had been opened and the money removed.
envelope was marked "Unclaimed" - Ernesto, P332.50; Secinando, P447.50.
15. The petty cash shortage of CHINITA GIRL CORPORATION at December 31, 2020 is:
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