Cash With Cash Equalant
Cash With Cash Equalant
Cash With Cash Equalant
The following
items were found to comprise this total amount:
2. Kuton Company’s checkbook balance at December 31, 2012 was 180,000. In addition, Kuton
held the following items in its safe on that date:
Check payable to Kuton dated January 2, 2013 in payment of a sale made in
December 2012, included in December 31 checkbook balance- 65,000.
Check payable to Kuton deposited December 15, but returned by the bank DAIF-
20,000.
Check drawn on Kuton’s account, payable to a vendor, dated and recorded on
December 30 but not yet mailed to payee as of December 31, 2012- 15,000.
4. Jennifer Incorporated established a petty cash fund of 5,000 for incidental expenses on June
1, 2012. At the end of the month, the count of cash on hand indicated that 670.40 remained in
the fund. A review of the petty cash vouchers disclosed the following expenses had been
incurred during the month:
The petty cash fund has an imprest balance of 10,000. The company’s reporting period ends
on June 30.
6. You are attempting to determine an apparent cash shortage that you believe resulted from
an employee’s theft. You have assembled the following information for the month of March:
7. In reconciling the book and bank balance of the cash account of Perlas Corporation, you
discover the following for the month of December 2012:
A paid check for 40,000 was recorded in the cash book as 4,000.
Assuming no other errors were noted, what is the amount of the outstanding checks at
December 31, 2012?
30-Nov-12 31-Dec-12
Balance per books 270,311.00
Balance per bank statement 294,771.00 148,986.00
Receipts not yet deposited 21,270.00 32,925.00
Outstanding checks 40,525.00 35,191.50
Bank service charges 295.00 158.00
Interest credit by bank 5,500.00 4,925.00
Other information:
Receipts and disbursements per books during December are P1,072,850 and
P1,195,536.50, respectively.
Total credits reflected in the bank statement amounted to P1,065,620.
Check #137412 for P2,300 recorded by depositor as P3,200 in error.
Customer check for P5,947 deposited on December 28, 2012 was found to be
uncollectible.
Interest for P625 chargeable to Jennyfer Services was erroneously charged by the
bank to the company.
No sufficient fund checks in the amount of P5,000 was returned by the bank and
redeposited by the company during December. No entry was made on the books for
the return or redeposit.
1.Leona Company had the following account balances on December 31, 2011:
Cash in Bank- current account 4,000,000.00
Cash in Bank- payroll account 1,500,000.00
Cash on Hand 500,000.00
Cash in Bank- restricted for equipment acquisition on 2012 1,000,000.00
Treasury bill purchased November 1, 2011 to mature on February 1,
2012 2,000,000.00
2. On December 31, 2011, Tigres Company had the following cash balances:
Cash in Bank 5,000,000.00
Petty Cash Fund 50,000.00
Time Deposit, one year, due March 1,
2012 1,000,000.00
Saving Deposit 500,000.00
3. The “cash” account in Jen Company’s ledger on December 31, 2011 showed a
balance of P 5,250,000 which included the following:
Petty Cash Fund 50,000.00
Undeposited receipts, including a post-dated customer
check of P200,000 1,300,000.00
Cash in Bank 2,500,000.00
Cash in Sinking Fund 1,000,000.00
Expenses paid out of collections, not yet recorded 250,000.00
IOUs signed by employees 150,000.00
5,250,000.00
At what amount should Jen Company report as “cash” in the December 31,
2011 statement of financial position?
a. P 3,650,000 c. P 4,650,000
b. P 3,850,000 d. P 4,050,000
4. Enipr Company had the following account balances at December 31, 2011:
Cash on Hand and in Bank 5,000,000.00
Cash restricted for bond payable due on June 30, 2013 2,000,000.00
Time Deposit 6,000,000.00
Saving deposit set aside for dividend payable on June 30, 2012 1,000,000.00
In the December 31, 2011 statement of financial position, what total amount
should be reported as “cash and cash equivalents”?
a. P 12,000,000 c. P 11,000,000
b. P 14,000,000 d. P 13,000,000
5. On April 1, Jennifer Company established an imprest system petty cash fund for P
10,000 by writing a check drawn against the general checking account. On April 30,
the fund contained the following:
Currency and coins 3,000.00
Receipts for office supplies 4,000.00
Receipts for postage still unused 2,000.00
Receipts for transportation 600.00
On April 30, the entity wrote a check to replenish the fund. What is the amount
of replenishment under the imprest fund system?
a. P 10,000 c. P 7,000
b. P 6,600 d. P 3,000
6. During the audit of Maganda Company on December 31, 2011, the following data
are gathered:
Balance per book 4,000,000.00
Bank charges 10,000.00
Outstanding checks 950,000.00
Deposit in transit 1,200,000.00
Customer note collected by bank 1,500,000.00
Interest on customer note 60,000.00
Customer check returned NSF 250,000.00
Depositor's note charged to
account 1,000,000.00