# Cash problems with solutions

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Problem 1
The following were found in the petty cash box upon conducting a cash count of the petty cash fund at
9:00 am on January 4, 2020:
Bills and coins
Denomination
Number of pieces
P1,000.00
5
500.00
2
100.00
4
20.00
3
5.00
2
1.00
8
Checks:
Date
Drawer
Amount
12/20/19
Jessie, employee
P1,200
12/29/19
Y Company, customer
8,000
12/29/19
Pedro, employee
2,000
01/15/20
Jessie, employee, cashed Dec. 12, 2019
4,800
IOU representing loans to A. Bonifacio, an employee P3,000
Vouchers:
Date
Voucher no.
Amount
12/15/19
88
P4,050
12/18/19
89
2,065
12/27/19
90
2,250
01/03/20
91
450
01/04/20
92
670
Unused office supplies, estimated at P1,200
Unsigned pay envelope payable to Dante Sison, an employee (opened with no money inside) 2,000
The check from Y Company represents an unrecorded collection on account. It was turned over by
Patrick Sanchez, the petty cashier, to the general cashier on January 6, 2020.
The petty cash fund has an imprest balance of P25,000.
Required:
How much is the cash shortage/overage?
How much is the correct petty cash fund?

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Problem 2
Assume the following information for Jose Company for the months of November and December 2019.
Balance per company’s ledger
November 30 P520,000
December 31 700,000
Total debits to cash per company’s books during December 2,500,000
Total credits to cash per company’s books during December 2,320,000
Bank balance
November 30 537,400
December 31 678,200
December receipts recorded by bank during December 2,474,400
December disbursements recorded by bank during December 2,333,600
Deposits in transit
November 30 160,000
December 31 225,000
Outstanding checks
November 30 143,000
December 31 118,000
Bank service charges (recorded by the depositor in the
month following the month of charge)
November 1,200
December 800
Bank credit memo for customer’s note collected by bank in November
(face value of P60,000 plus interest of P600), recorded by the company
Only in December. 60,600
Bank credit memo for proceeds of bank loan granted by the bank on December 31 100,000
Customer’s DAIF check returned by the bank (recorded by the company
in the following month)
Returned in November 25,000
Returned in December 14,000
Required:
Prepare a proof of cash for Jose Company.

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Problem 1 The following were found in the petty cash box upon conducting a cash count of the petty cash fund at 9:00 am on January 4, 2020: Bills and coins Denomination P1,000.00 500.00 100.00 20.00 5.00 1.00 Checks: Date 12/20/19 12/29/19 12/29/19 01/15/20 Number of pieces 5 2 4 3 2 8 Drawer Jessie, employee Y Company, customer Pedro, employee Jessie, employee, cashed Dec. 12, 2019 Amount P1,200 8,000 2,000 4,800 IOU representing loans to A. Bonifacio, an employee Vouchers: Date 12/15/19 12/18/19 12/27/19 01/03/20 01/04/20 Voucher no. 88 89 90 91 92 Particulars Office supplies Transportation Freight on merchandise sold Transportation Representation P3,000 Amount Unused office supplies, estimated at P4,050 2,065 2,250 450 670 P1,200 Unsigned pay envelope payable to Dante Sison, an employee (opened with no money inside) The check from Y Company represents an unrecorded collection on account. It was turned over by Patrick Sanchez, the petty cashier, to the general cashier on January 6, 2020. The petty cash fund has an imprest balance of P25,000. Required: How much is the cash shortage/overage? How much is the correct petty cash fund? 2,000 Problem 2 Assume the following information for Jose Company for the months of November and December 2019. Balance per company’s ledger November 30 December 31 P520,000 700,000 Total debits to cash per company’s books during December 2,500,000 Total credits to cash per company’s books during December 2,320,000 Bank ba ...
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