Determine the following as a result of your audit: (Please show your solution)
1. Determine the amount of cash shortage or overage on petty cash fund, if any:
2. How much is the total cash shortage or overage?
3. How much is the adjusted balance of the petty cash fund as of December 31?

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CASE 3 In connection with the audit of the financial statement of Prusia Inc. for the year ended December 31, 2020, you performed a surprises count of the petty cash fund and un-deposited collections under the custody of Ms. Queen at exactly 10:15 in the morning of January 12, 2021. Your count disclosed the following: Bills P100 180 pieces 550 pieces 580 pieces Unused postage stamps - P1,450 50 20 Checks Date Dec 30 Dec 30 Dec 31 Dec 31 Dec 31 Dec 31 Payee Cash Prusia Inc. Prusia Inc. Prusia Inc. Prusia Inc. Danbury Corp Coins P1.00 0.50 0.25 Drawer Prusia Inc. (replenishment) Anthony Eloise, sales manager Penelope Benedict Prusia Inc. 3,950 pieces 5,400 pieces 580 pieces Amount P2,000 222,000 4,600 180,000 256,000 500,000 Page 2 CASE 3 In connection with the audit of the financial statement of Prusia Inc. for the year ended December 31, 2020, you performed a surprises count of the petty cash fund and un-deposited collections under the custody of Ms. Queen at exactly 10:15 in the morning of January 12, 2021. Your count disclosed the following: Bills P100 180 pieces 550 pieces 580 pieces Unused postage stamps - P1,450 50 20 Checks Date Dec 30 Dec 30 Dec 31 Dec 31 Dec 31 Dec 31 Payee Cash Prusia Inc. Prusia Inc. Prusia Inc. Prusia Inc. Danbury Corp Coins P1.00 0.50 0.25 Drawer Prusia Inc. (replenishment) Anthony Eloise, sales manager Penelope Benedict Prusia Inc. 3,950 pieces 5,400 pieces 580 pieces Amount P2,000 222,000 4,600 180,000 256,000 500,000 Page 2