UHAWSAIYO COMPANY GENERAL AND PETTY CASH COUNT AUDIT YEAR: 2014 DATE OF COUNT: January 5, 2015, 9:10 am   Bills and Coins       Denomination Bundles of 100 pcs. Rolls of 50 coins Loose P 500 1   9 100 2   27 50 3   5 20 5   4 10     10 5   6 4 1   10 20 .25   40 16         Checks       Maker Payee Date Amount T. Otis – customer Uhawsaiyo 12/30/14 P 11,920 R. Eyes – customer Uhawsaiyo 12/26/14 12,505 O. Liever – customer Uhawsaiyo 1/2/15 5,707 F. Rancisco – customer Uhawsaiyo 12/21/14 13,350 Uhawsaiyo ABC. Co 12/27/14 14,500 M. Doza – officer Cash 1/5/15 310 O.Campo – officer * Cash 12/29/15 260         *Amount is for a return of travel advance mad to the employee in an earlier period.         Vouchers and IOU       Paid to   Date Amount PNR – transportation expense 1/2/15 P 35 Post ofiice- Postage Stamps 12/20/14 150 Italian Village – Christmas Party 12/23/14 6,290 I.Dio - IOU 12/27/14 300   Others: Cash sales invoices ( all currencies No. 17903 to 18112), P 100,500 Official Receipts Number Amount Form of Collection 31250 P       560 Cash 31251 12,505 Check 31252 1,202 Cash 31253 11,920 Check 31254 13,350 Check Stamps of various denomination amounted to P 80. A notation on a sheet of paper as follows: “Proceeds from employee contribution for Christmas Party, P 9,500” Petty Cash Ledger, P 15,000.   Required: How much is the petty cash shortage as of January 5, 2015? What is the net adjustment to the Petty Cash Fund? What is the adjusted Petty Cash fund Balance as of December 31, 2014?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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UHAWSAIYO COMPANY

GENERAL AND PETTY CASH COUNT

AUDIT YEAR: 2014

DATE OF COUNT: January 5, 2015, 9:10 am

 

Bills and Coins

 

 

 

Denomination

Bundles of 100 pcs.

Rolls of 50 coins

Loose

P 500

1

 

9

100

2

 

27

50

3

 

5

20

5

 

4

10

 

 

10

5

 

6

4

1

 

10

20

.25

 

40

16

 

 

 

 

Checks

 

 

 

Maker

Payee

Date

Amount

T. Otis – customer

Uhawsaiyo

12/30/14

P 11,920

R. Eyes – customer

Uhawsaiyo

12/26/14

12,505

O. Liever – customer

Uhawsaiyo

1/2/15

5,707

F. Rancisco – customer

Uhawsaiyo

12/21/14

13,350

Uhawsaiyo

ABC. Co

12/27/14

14,500

M. Doza – officer

Cash

1/5/15

310

O.Campo – officer *

Cash

12/29/15

260

 

 

 

 

*Amount is for a return of travel advance mad to the employee in an earlier period.

 

 

 

 

Vouchers and IOU

 

 

 

Paid to

 

Date

Amount

PNR – transportation expense

1/2/15

P 35

Post ofiice- Postage Stamps

12/20/14

150

Italian Village – Christmas Party

12/23/14

6,290

I.Dio - IOU

12/27/14

300

 

Others:

  1. Cash sales invoices ( all currencies No. 17903 to 18112), P 100,500
  2. Official Receipts

Number

Amount

Form of Collection

31250

P       560

Cash

31251

12,505

Check

31252

1,202

Cash

31253

11,920

Check

31254

13,350

Check

  1. Stamps of various denomination amounted to P 80.
  2. A notation on a sheet of paper as follows:

“Proceeds from employee contribution for Christmas Party, P 9,500”

  1. Petty Cash Ledger, P 15,000.

 

Required:

  1. How much is the petty cash shortage as of January 5, 2015?
  2. What is the net adjustment to the Petty Cash Fund?
  3. What is the adjusted Petty Cash fund Balance as of December 31, 2014?
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