Name:
Subject: Refresher 1
First Quiz
1. Reyes is the Cashier of Luzon Glass Company. As part of the Company year-end closing process, the Company conducted a cash count to
determine cash on hand in the morning of January 4, 2018. The Company began to count at 9:00 AM in the presence of Miss Reyes. In the
course of your counting, there were found currencies in paper bills and coing together with checks, vouchers and other items, which are
mentioned below:
Bills
9 one hundres, 25 fifties, 50 twenties, 120 tens
Coins
Php 5.00 - 4 rolls and 5 loose (50 pieces to a roll)
1.00 - 8 rolls and 15 loose (100 pieces to a roll)
0.25 - 2 rolls and 2 loose (500 pieces to a roll)
0.10 - 3 rolls and 40 loose (500 pieces to a roll)
0.05 - 2 rolls (400 pieces to a roll)
Checks
Maker Date Payee Amount
Rose Manalo (Assistant Manager) 12/37/17 Luzon Glass Co. 600
Miss. L. Reyes, Cashier 12/26/17 Luzon Glass Co. 400
I.O.U.s
A. David (Janitor) 12/20/17 350
R. Tirao (Clerk) 12/22/17 250
Pedro Munar (Bookkeeper) 12/24/17 150
Petty Cash Vouchers for Replenishment
Payee Date Account Charged Amount
L. Cruz (Messenger) 12/16/17 Advances to Employees 100
Rosario and Co 12/18/17 Supplies 145
Victory Liner 12/18/17 Freight in 182.5
Bureau of Posts (stamps) 12/18/17 Supplies 300
A. Vallo, Carpenter 12/20/17 Repairs 450
B. Tello 12/21/17 Miscellaneous 154
Additional Information:
a. The balance of petty cash fund per books is P9,000.
b. Cash sales of January 2, 2018 amounted to 8,650 per sales records, while cash receipts books and deposits slip showed that only P7,650
was deposited in the bank on January 3, 2018
c. The following employees' pay envelopes have been opened and the money removed. Each envelope was marked "unclaimed"
N. Roy 332.50
G. Gloria 247.50
Required: Determine the amount at which the Petty Cash Fund will be stated in the statement of financial Position as of December 31, 2017
2. The following information has been extracted from the accounting records of the Oracle Corporation:
Cash Cash equivalents
a. Cash on hand (undeposited sales receipts) 1,020.00 1,020.00
b. Certificates of deposit, acquired 3 months before maturity 25,000.00 25,000.00
c. Customer's note receivables 1,000.00
d. Reconciled balances in Prime National Bank Checking
account, net of Bank Overdraft in First Standard Bank
Checking account of (P350) 9,000.00 9,350.00
e. Balance in Rural Bank Savings account 8,560.00 8,560.00
f. Customer's postdated check 1,350.00
g. Employee travel advances 1,600.00
h. Cash in bond sinking fund 1,200.00
i. Bond sinking fund investment 8,090.00
j. Postage stamps 430.00
18,930.00 25,000.00
Required: Determined the balance in Oracle's Cash account
3. The December 31, 2021 bank statement for Miguel Corporation showed a P2,049.25 balance. On this date the Company's Cash account
reflected a P325.60 overdraft.
Unadjusted Bank Balance
In reconciling these amounts, the following information is discovered: DIT:
a. Cash on hand for undeposited sales receipts, December 31, 2021, P130.25 Undeposited collectio
b. Customer NSF check returned with bank statement, P420.40 DIT
c. Cash sales of P640.25 for the week ended December 18, 2021 were recorded on the books. The cashier reports this amount missing, and OC
it was not deposited in the bank.
d. Note receivable of P2,500 and interest of P25 collected by the bank and not recorded on the books
e. Deposit in transit December 31, 2021, P350.00
f. A customer check for P290.40 in payment of its account was recorded on the books at P940.20
g. Outstanding checks , P2,040.55. Includes a duplicate check of P70.85 to G Violet, who notified Miguel tha the original was lost. Miguel
stopped payment on the original check and has already adjusted the cash account in the accounitng records for this amount.
Required; How much is the adjusted cash balance of Miguel Corporation
Unadjusted Bank Balance 2,049.25 Unadjusted book Balance -325.6
DM: NSF -420.4
Undeposited collectio 130.25 Missing cheks -640.25 -1060.65
350.00 480.25
- 2,040.55 CM:
488.95 NR 2500
Interest Income 25 2525
Error:
Per customer check 290.4
Per record -940.2 -649.8
488.95
Solution #1 Proof:
Denominations Quantity Amount Total
Bills 100 9 900.00 Bills
50 25 1,250.00
20 50 1,000.00
10 120 1,200.00 4,350.00
Coins 5 205 1,025.00 Coins
1 815 815.00
0.25 1002 250.50
0.1 1540 154.00
0.05 800 40.00 2,284.50
Total Bills and Coins 6,634.50 Total Bills and Coins
Less: Unclaimed wages
N. Roy 332.5 Checks for deposits:
G. Gloria 247.5 -580
Balance for Petty Cash Fund 6,054.50
Unreplenished vouchers
Advances or IOUs
Total Amount of fund per count
Total amount per books or receip
Shortage
Petty Cash fund per ledger
Add (deduct): Adjustments
Petty Cash Fund, 12/31/17
Solution No. 2
Cash on hand 1,020.00
Prime National Bank 9,350.00
Rural Bank Saving account 8,560.00
Total Cash 18,930.00
Solution No. 3
Balance per bank statement 2,049.25 Balance per book
Add: Deposit in transit 350 Add: Note receivables 2500
Cash on hand undeposited sal 130.25 480.25 Interest 25
Deduct: Outstanding Checks - 2,040.55 Deduct: NSF Check -420.4
Adjusted balance 488.95 Missing Check -640.25
Error: Per Record 940.2
Customer Check 290.4
Adjusted balance
Denominations Quantity Amount Total
100 9 900
50 25 1250
20 50 1000
10 120 1200 4,350.00
5 205 1,025.00
1 815 815.00
0.25 1002 250.50
0.1 1540 154.00
0.05 800 40.00 2,284.50
Total Bills and Coins 6,634.50
Checks for deposits:
Rose Manalo (Assistant Manager) 600
Miss. L. Reyes, Cashier 400 1000
Unreplenished vouchers
Supplies 145
Freight in 182.5
Supplies 300
Repairs 450
Miscellaneous 154 1231.5
Advances or IOUs
L. Cruz (Messenger) 100
A. David (Janitor) 350
R. Tirao (Clerk) 250
Pedro Munar (Bookkeeper) 150 850
Total Amount of fund per count 9,716.00
Total amount per books or receipts
Petty Cash Fund 9,000.00
Unclaimed wages 580.00
Undeposited collection:
Cash Sales, 1/2/18 8,650.00
Less: Amount deposited, 1/3/18 7,650.00 1,000.00 10580
- 864.00
Petty Cash fund per ledger 9,000.00
Add (deduct): Adjustments
Unreplenished expenses - 1,231.50
Advances to employees - 850.00
Petty Cash Fund Shortage - 864.00
Petty Cash Fund, 12/31/17 6,054.50
- 325.60
2,525.00
- 1,060.65
-649.8
488.95
