The following data pertains to ABC Co: Petty cash fund, 5,000 (2,000 is in the form of petty cash vouchers) Cash in BPI 100,000 Cash on hand, 10,000 (includes post dated check of 1,000) Savings Account, BPI 79,000 Current Account, BPI (2,000) in overdraft Determine the amount of cash

The following data pertains to ABC Co: Petty cash fund, 5,000 (2,000 is in the form of petty cash vouchers) Cash in BPI 100,000 Cash on hand, 10,000 (includes post dated check of 1,000) Savings Account, BPI 79,000 Current Account, BPI (2,000) in overdraft Determine the amount of cash

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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Concept explainers

Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.

Question

The following data pertains to ABC Co:

Petty cash fund, 5,000 (2,000 is in the form of petty cash vouchers)

Cash in BPI 100,000

Cash on hand, 10,000 (includes post dated check of 1,000)

Savings Account,

BPI 79,000 Current Account,

BPI (2,000) in overdraft Determine the amount of cash

194,000

192,000

189,000

110,000

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Accounting for Cash and cash equivalents

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The following information has been extracted from the accounting records of the Simplicity Corporation: a. Cash on hand ( undeposited collections) P1,020 b. Certificates of deposit 25,000 c. Customer’s notes receivable 1,000 d. Reconciled balance in Uno Bank checking account (350) e. Reconciled balance in Trese Bank payroll account 9,350 f. Balance in Rural bank savings account 8,560 g. Customer’s postdated checks 1,350 h. Employee travel advances 1,600 i. Cash in bond sinking fund 1,200 j. Bond sinking fund investments 8,090 k. Postage stamps 430 Required:a. What is the adjusted cash balance?b. Discuss the treatment of the items not included as cash.
None
VKS Company has the following selected accounts with unadjusted balances:· Cash on petty cash fund (including unreplenished expenses with supporting receipts of P12,000)- P75,000· Cash in bank (net of P21,000 account with BPI which has a credit balance due to overdrawn checks)- P245,000· Checks issued (post-dated as of year-end)- P155,000· Checks prepared, recorded but was not delivered to vendor- P120,000 Assuming no other cash items are on hand nor pending clearing and that the post-dated check was not deposit until it was ready for credit with the bank, how much should be included as cash and cash equivalent in the statement of financial position to be presented as of year end?
Account of the petty cash fund of Mack company showed its composition as follows: Coin and currency P13,200 Paid vouchers: Transportation 2,400 Gasoline 1,600 Office supplies 2,000 Postage stamps 1,200 Due from employees 4,800 Manager’s check returned by bank marked NSF 4,000 Check drawn by company to the order of petty cash custodian 10,800 What is the amount of the petty cash fund for balance sheet purposes?
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.