What is the correct petty cash fund balance to be reported as of December 31, 2018? A count of the Petty Cash Fund in the morning of January 3, 2019, of Manny Co. with animprest balance of P40,000 showed its composition as follows:Bills and coins:P1,000, 5 pieces500, 10 рcs.200, 5 pcs.100, 10 рcs.50, 10 рcs20, 20 рcs10, 25 рcs5, 50 pcsUnreplenished paid vouchers12/29 Transportation12/30 Office repairs12/30 Officers' meeting meals12/30 Due to employees1/2 GasolineUnreplenished unpaid vouchers1/3 Transportation1/3 Office suppliesP5003009001,0001,0008001,500Checks on hand12/30 E. Dikong, employee11/30 M. Dugas, employee, returned by the bank2,000marked NSF1,00010,00012/27 Manny Co., payable to the custodianCash receipt voucher for a return of an expense advance900

Petty cash is a small amount of company cash kept on hand (e.g., in a locked drawer or box) to cover…

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What is the correct petty cash fund balance to be reported as of December 31, 2018?

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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Question

What is the correct petty cash fund balance to be reported as of December 31, 2018?

A count of the Petty Cash Fund in the morning of January 3, 2019, of Manny Co. with an
imprest balance of P40,000 showed its composition as follows:
Bills and coins:
P1,000, 5 pieces
500, 10 рcs.
200, 5 pcs.
100, 10 рcs.
50, 10 рcs
20, 20 рcs
10, 25 рcs
5, 50 pcs
Unreplenished paid vouchers
12/29 Transportation
12/30 Office repairs
12/30 Officers' meeting meals
12/30 Due to employees
1/2 Gasoline
Unreplenished unpaid vouchers
1/3 Transportation
1/3 Office supplies
P500
300
900
1,000
1,000
800
1,500
Checks on hand
12/30 E. Dikong, employee
11/30 M. Dugas, employee, returned by the bank
2,000
marked NSF
1,000
10,000
12/27 Manny Co., payable to the custodian
Cash receipt voucher for a return of an expense advance
900

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