On January 4, 20x2, you conducted a surprise count in connection with your audit of the...

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On January 4, 20x2, you conducted a surprise count in connection with your audit of the financial statements of Theo Corp. for the year ended December 31, 20x1. The following were identified on your examination: A. Bills consist of one (1) P1,000 bill; three (3) P500 bills; three (3) P200 bills; six (6) P100 bills; seven (7) P50 bills; and four (4) P20 bills. Coins consist of nine (9) P10 coins; eight (8) P5 coins; and seven (7) P1 coins. B. Checks include the following: Date Dec. 30 Maker CLOY Co. Payee Theo Corp. Amount P13,000 Dec. 30 CD, Inc. Theo Corp. 5,000 Dec. 30 CAS Corp. Theo Corp. 7,000 Dec. 31 Theo Corp. Custodian 10,000 C. Unreimbursed vouchers comprise of the following: Date Description Dec. 27 Postage Dec. 27 Transportation Dec. 28 Dec. 30 Computer repairs Supplies Amount P1,000 2,000 1,500 800 Additional information: An open envelope was marked "P2,000 for Christmas Party" with vouchers totaling to P1,850. Based on your inquiry, the whole amount was mingled with the petty cash fund and only the expense vouchers were inserted back to the envelope. Cash collections from December 24 to December 31 were not yet deposited. Official receipts dated December 24 to December 31 were as follows: OR No. Description 120181 Cash 120182 Check 120183 Cash 120184 Check 120185 Check 120186 Check Amount P566 7,000 891 12,000 13,000 5,000 e The custodian is not authorized to cash checks. Unused postage stamp amounted to P350. The last replenishment was on December 25. The petty cash fund was set up at P20,000. Required: 1. What is the amount of undeposited collections on December 31, 20x1? 2. How much is the total accountability of the custodian? 3. What is the balance of the petty cash fund to be presented as of December 31, 20x1? 4. What is the total amount of shortage/overage? On January 4, 20x2, you conducted a surprise count in connection with your audit of the financial statements of Theo Corp. for the year ended December 31, 20x1. The following were identified on your examination: A. Bills consist of one (1) P1,000 bill; three (3) P500 bills; three (3) P200 bills; six (6) P100 bills; seven (7) P50 bills; and four (4) P20 bills. Coins consist of nine (9) P10 coins; eight (8) P5 coins; and seven (7) P1 coins. B. Checks include the following: Date Dec. 30 Maker CLOY Co. Payee Theo Corp. Amount P13,000 Dec. 30 CD, Inc. Theo Corp. 5,000 Dec. 30 CAS Corp. Theo Corp. 7,000 Dec. 31 Theo Corp. Custodian 10,000 C. Unreimbursed vouchers comprise of the following: Date Description Dec. 27 Postage Dec. 27 Transportation Dec. 28 Dec. 30 Computer repairs Supplies Amount P1,000 2,000 1,500 800 Additional information: An open envelope was marked "P2,000 for Christmas Party" with vouchers totaling to P1,850. Based on your inquiry, the whole amount was mingled with the petty cash fund and only the expense vouchers were inserted back to the envelope. Cash collections from December 24 to December 31 were not yet deposited. Official receipts dated December 24 to December 31 were as follows: OR No. Description 120181 Cash 120182 Check 120183 Cash 120184 Check 120185 Check 120186 Check Amount P566 7,000 891 12,000 13,000 5,000 e The custodian is not authorized to cash checks. Unused postage stamp amounted to P350. The last replenishment was on December 25. The petty cash fund was set up at P20,000. Required: 1. What is the amount of undeposited collections on December 31, 20x1? 2. How much is the total accountability of the custodian? 3. What is the balance of the petty cash fund to be presented as of December 31, 20x1? 4. What is the total amount of shortage/overage?

Answer rating: 100% (QA)

1 To determine the amount of undeposited collections on December 31 20x1 we need to sum up the cash collections that were not yet deposited Based on t... View the full answer