Problem 8-8 Petty Cash Fund

Requirement 1: Prepare working papers showing our cash account.

ABC Company
Petty Cash Count Sheet
January 3,2019 9:00 am
Denomination Quantity Total
Bills P200 10 P2,000
100 20 2,000
20 40 800
Coin 10 10 1000
5 450 2,250
1 804 804

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0.25 1,410 352.5

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0.1 1,520 152

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0.05 810 40.5

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Total bills and coins P9,399

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Checks for deposit
Maker Date Payee Amount
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ABC
Jose Manalo, Manager 12/5/2018 Company P800
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ABC
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W. Ally, petty cash custodian 12/28/2018 Company 500

Total checks for deposit P1300
I.O.U'S Date Amount
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A.Braham,janitor 12/19/18 P250

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R.Tica,clerk 12/20/18 150

P.Du.Bookkeeper 12/22/18 200
Total P600
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Voucher
Payee Date Account charged Amount
J.Cruz,messenger 12/14/18 Advances to employees P125
Cid Bookstore 12/15/18 Supplies 150
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Dalin Liner 12/19/18 Freight out 192

Bureau of Posts (stamps) 12/20/18 Supplies 300
A.Bala,carpenter 12/21/18 Repairs 450
B.Go 1/2/19 Miscellaneous expense 154
Total P1371

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 Bills and coins P9,399

Checks deposit 1,300

I.O.U's 600
Vouchers paid 1,371
Less: Petty cash
accountabilities (14000)
Petty cash shortage (P1,330)

Petty cash accountabilities

Petty cash imprest balance P12,000
Undeposited collection (8K-
6.6K) 1,400

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Unclaimed salary 600

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Petty cash accountabilities P14,000

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Acknowledgement:

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I hereby acknowledge that the above petty cash fund items were counted in my presence and
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the same were returned to me intact. I further acknowledge a petty cash short of four thousand
four hundred thirty-five pesos (P1,330). I have no other accountabilities.
W.Ally
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Petty Cash Custodian

Requirement 2: Prepare necessary adjusting journal entries as of December 31, 2018.
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a. Advances to employees 125

Supplies 150
Freight-out 192
Supplies-postage stamps 300
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Repairs 450
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Miscellaneous expense 154

Petty cash fund 1,371

b. Advances to employees 600

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Petty cash fund 600

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c. Receivable from custodian 1,330

Petty cash fund 1,330
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d. Unused postage stamps 50

Postage expense 50

Requirement 3: Determine the amount at which the Petty Cash Fund will be stated in the
statement of financial position as of December 31, 2018.

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 Coins and currency P9,399
Check of W. Ally 500

Payment of miscellaneous expense after

reporting date 154
Less: Unclaimed salary (600)
Undeposited check (1,400)
Total petty cash fund P8,053

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This study source was downloaded by 100000836262899 from CourseHero.com on 11-07-2021 06:24:54 GMT -06:00

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