What is the amount of petty cash shortage?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
What is the amount of petty cash shortage?
Transcribed Image Text:Accenture Inc.
Accenture's cash accounting is being reviewed by PWC that focus in petty cash fiund account and the bank reconciliation for the
month ended December 31, 2020. The following information was obtained from Accenture's bookkeeper for this task.
Petty Cash Fund
1. The fund was established on December 2, 2020 amounting to P10,000.
2. Expenditures from the fund by the custodial as of December 31, 2020, were evidenced by approved PC vouches for the following:
>> Various office supplies
>> IOU from employees
> Shipping charges
>> Miscellaneous expenses
P3,920
P1,000
P2,300
P1,528
On December 31, 2020, the PCF was replenshied and increased to P12,000; currency and coins in the fund at that time totaled P756.
Unionbank
Bank Reconciliation
Disbursements Receipts
Balance
Balance, December 1, 2020
350,760.00
Deposits
1,120,000.00
Note payment direct from customer (interest of P1,200)
37,200.00
Checks cleared during May
Bank service charges
1,246,000.00
1,080.00
Balance, December 31, 2020
260,880.00
Accenture's cash account
Balance, December 1, 2020
354,000.00
Depoits during December
Checks written during December
1,240,000.00
1,273,400.00
Deposits in transit : P120,000
Outstanding checks: P34,000
Cash on hand (except PCF): P9,840
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