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Chapter? 82 Cash and Cash Fact pattern: Exhibit 1: Tomay Co. established a petty cash fund of P40,000. Fund disbursements during the period were P8,025 for office supplies, ABC Co. CASH C P11,533 for miscellaneous selling expenses, and P7,805 for FUND: miscellaneous administrative expenses. The petty cash count at DATE the end of the period revealed total bills and coins of P12,834. CURRE 4. The entry to replenish the fund includes a. a debit to petty cash fund for P26,969. b. a credit to petty cash fund for P27,363. c. a debit to Cash shortage or overage for P197. d. a credit to Cash shortage or overage for P197. COINS 5. To replenish the fund at the end of the period, Tomay Co. should write a check in the amount of a. 27,166. b. 26,969. c. 27,363. d. 27,560. The cas EIGHT PROBLEM 5: CLASSROOM ACTIVITIES they we ACTIVITY #1: CASH BALANCE You are the accountant of ABC Co. You have gathered the following information for the purpose of determining the amount of cash to be reported in the December 31, 20x1 statement of Financial position of ABC Co.: Exhibit Account No 8120-0194-49 Pay to the Order of Pesos I SHOT ON POCO M3 2021.2.1 14:00Chapter 2 Cash and Cash Equivalents 83 0,000. Fund Exhibit 1: fice supplies P7,805 for ABC Co. CASH COUNT SHEET ash count at FUND: UNDEPOSITED COLLECTIONS 12,834. DATE: DEC. 30, 20x1 CURRENCY QTY. AMT. TOTAL P1,000.00 1 1,000.00 500.00 3 1,500.00 200.00 5 1,000.00 100.00 10 1,000.00 50.00 20.00 25 500.00 15,000.D0 COINS 10.00 32 3:20.00 d, Tomay Co. 5.00 112 560.00 0.25 8 2.00 882.00 d. 27,560. TOTAL 75,882.00 The cash items amounting to FIVE THOUSAND, EIGHT HUNDRED EIGHTY-TWOPESOS (15.882.00) were returned to me intact after they were counted by the reviewer indicated below. Kay Hera Dec. 30, 20*1 Treasurer Date gathered the ng the amount Jeorge Bantay Dec. 30, 20x1 Internal auditor Date statement of Exhibit 2.1: Account No. Account Name Check No. R/IDS 8120-0194-49 JUAN BATUMBAKAL 0339969 120040076 Date 2 - Jan - 20x2 Pay to the Order of * *ABC Co."* P45,678.60 Pesos Forty-five Thousand, Six Hundred Seventy-eight 60/100 Only I BANK OF THE PHILIPPINE ISLANDS SHOT ON POCO M3 2021.2.1 14:00Chapter 2 Cash and Cash Equivalen 84 Exhibit 4: Excerpt f 31, 20x1 - Online b Exhibit 2.2: Check No. R/Ing Account Name Account No. 0432971 322042374 Beginning Bal 710-0094-51 ABC CO. Date 30-Dec-20x1 Plus: Total Cr Pay to the P15,000.00 Order of JOHN STONESTEEL from Branch from ATM De Fifteen Thousand Pesos Only from Express Pesos from BOL / PIGGY from Credit BANK buike. from Checks from Interest Less: Total Exhibit 3: (Excerpt from pass book - savings account) BANK OF THE from Branch PHILIPPINE ISLANDS 3 from ATM from Expre DATE WITHDRAWAL DEPOSIT TLR from BOL CODE / DEBIT / CREDIT BALANCE ID from Debit . . .. . . . BALANCE FORWARDED-- - 2 31 NOVX1 251 .046.06 from Chec INT 3 31 NOVX1 307 .75 TAX 251 . 353.81 from Servi 61 . 55 4 14DECX1 NCS 251 . 292.26 5 21 DECX1 NWD 300. 000.00 551 .292.26 RLR3 29,014.72 Ending Ba 522.277 . 54 [TO1 Exhibit 5: Cred SHOT ON POCO M3 2021.2.1 14:00Chapter 2 Cash and Cash Equivalents 85 Check No. Exhibit 4: Excerpt from bank statement (current account) on Dec. R/TOO. 31, 20x1 - Online banking 0432971 322042374 Beginning Balance Date 535,201.83 30-Dec-20x1 Plus: Total Credits 281, 159.20 P15,000.00 from Branch Over-the-Counter Deposit Transactions 281, 159.20 from ATM Deposit Transactions from ExpressPhone Transactions 0.00 0.00 from BOL / Mobile Transactions 0.00 from Credit Memos 0.00 from Checks Warehoused 0.00 from Interest Earned 0.00 savings account) Less: Total Debits 171, 008.00 HE ISLANDS 3 from Branch Over-the-Counter Transactions 100,000.00 from ATM / EPS Transactions 47,466.33 from ExpressPhone Transactions 0.00 DEPOSIT TLR from BOL / Mobile Transactions 0.00 I CREDIT BALANCE ID from Debit Memos 0.00 251 .046.06 307.75 from Checks Issued / Charges 23,541.67 251 . 353.81 from Service Charges / Withholding Tax 0.00 251 .292.26 300, 000.00 551 . 292.26 RLR3 Ending Balance 645,353.03 522.277 . 54 ITO1 Exhibit 5: Credit card statement of account PIGGY BANK CREDIT STATEMENT OF ACCOUNT Prepared for: ABC Co. Reference No.: 04321A567-8 CUSTOMER NO.: 0028971234 STATEMENT DATE: DEC. 5, 20X1 PAYMENT DUE DATE: DEC. 27, 20X1 CREDIT LIMIT: 1,000,000.00 980,000.00 AVAILABLE CREDIT: 20,000.00 TOTAL AMT. DUE 1,500.00 MINIMUM AMT. DUE SHOT ON POCO M3 2021.2.1 14:0186 Chapter Cash and Cash Eq Requirement: How much is the balance of cash to be reported ABC Co.'s December 31, 20x1 statement of financial position? 1000 ACTIVITY #2: PETTY CASH FUND You are assigned to account for the petty cash fund of ABC G You have received the following documents: ABC Co. BOARD RESOLUTION RESOLUTION NO. 014-20X1 WHEREAS: ABC Co.'s operations require several small purchases to be made WHEREAS: Paying small bills through the regular company disbursements 100 system is time consuming and costly; and, WHEREAS: Paying of such bills within a petty cash account will result in savings to the company; NOW, THEREFORE BE IT RESOLVED, that $239921 A revolving petty cash fund in the amount of FIVE THOUSAND PESOS (5,000.00) is established and that MS. PRETTY CACHE be designated and so named the custodian of that account. Passed and approved this 3rd day of December 20x1. Mr. Fred Cedent Chairperson The petty cash box contains the following on December 21, 20x1: SHOT ON POCO M3 2021.2.1 14:01Chapter 2 Cash and Cash Equivalents 87 e reported in position? GRUBLIKA NG PILIPINAS O d of ABC Co. 10 1008 REPUBLIKA NG PILIPINAS ases to be made. 1259921 1 disbursements 100 nt will result in $23992 SAND ING PISO 100 USAND PESOS esignated and so THE, JAPANESE GOVERNMENT TEN Mr. Fred Cedent Chairperson PESOS 0763081 131 nber 21, 20x1: SHOT ON POCO M3 2021.2.1 14:01Chapter Cash and Cash Equiv 88 BEPUBLIKANG FILIPINAS Account No. Account 8120-0194-49 PRETTY Pay to the Order of **ABC 20 Pesos Two The BANK OF PHILIPPIN 5 You found also th PISO PISO PETTY CASH VOUCHER OFFICIAL RECEIPT Date: 12.4.20x1 No. 01 No. 086 Date 124 Description of requirement Amount Purchase of staple wires P500.00 RECEIVED FROM ABC. Co. the amount of Three Hundred Fifty Shy Pus (2356.00) in full/partial payment of account describe Requested by: George Lakead hereon GOOD BRAND STAPLE WIRES Approved by: TIM BILI dytingin Cashier PETTY CASH VOUCHER Date: 12.6.20x1 PETTY CASH VOUCHER No. 02 Date. 12.18.20x1 No. Description of requirement Reimbursement of fare Amount Description of requirement Amoud P97.00 Employee advances P600.a Requested by: Boy Palengke Approved by: Requested by. TIM BILI Approved by: TIM BILL 2021.2.1 14:01 SHOT ON POCO M3Chapter 2 Cash and Cash Equivalents Account No. Account Name Check No. 8120-0194-49 PRETTY CACHE R/Ino 0439962 220041033 Date 21-Dec-20x1 Pay to the 20 Order of **ABC Co.** P2,778.60 Pesos Two Thousand, Seven Hundred Seventy-eight 60/100 Only BANK OF THE PHILIPPINE ISLANDS PISO ISO You found also the following items inside the PCF box: Inside this envelope are cash of P2,360, a note that says Happy Birthday OFFICIAL RECEIPT "Sir Fred Gedent, "and a list No. 0889 of names of employees Date 12.4.x and their respective FROM ABC. CO. contributions at of Three Hundred Fifty Six Peror ) in full/partial payment of account described OD BRAND STAPLE WIRES MAXX dyifhajhh Cashier PETTY CASH VOUCHER 2.18.20x1 No. 03 ion of requirement Amount yee advances P600.00 ed by: O. Tang d by: TIM BILL SHOT ON POCO M3 2021.2.1 14:0190 Char Cash and Cash Equivalents Requirement (a): Perform the cash count. Requirement (b): Provide ABC Co. fund is replenished on D CASH COUNT SHEET accountable for all shorta FUND: DATE: DATE ACCO CURRENCY QTY. AMT. TOTAL 1,000.00 500.00 200.00 100.00 50.00 20.00 COINS 10.00 5.00 1.00 ACTIVITY #3: PETTY C TOTAL BILLS & COINS Materials needed for thi a. 1 five-peso coin and NO. PARTICULARS AMT. b. 3 pieces of 1/4 blank pa VOUCHERS C. 3 pieces of whole blar d: 4 pens Instructions: 1. Create a study group CHECKS 2. Assign among yourse a. PCF custodian - whole paper, and TOTAL PER COUNT b. Employee from a use ACCOUNTABILITY C. Internal auditor - 1 d. Accountant - 1 pc. CASH (SHORTAGE)/OVERAGE 3. Perform the procedure ooo SHOT ON POCO M3 2021.2.1 14:01Chapter Cash and Cash Equivalents 91 Requirement (b): Provide ALL the necessary journal entries. The fund is replenished on December 21, 20x1. The PCF custodian is accountable for all shortages and overages in the PCF. JOURNAL DATE ACCOUNTS AMT. Ref. Debit Credit TOTAL ACTIVITY #3: PETTY CASH FUND - SHORTAGE Materials needed for this activity: a. 1 five-peso coin and 5 one-peso coins b. 3 pieces of 1/4 blank paper AMT. c. 3 pieces of whole blank paper d. 4 pens Instructions: 1. Create a study group with four (4) members. 2. Assign among yourselves the following roles: a. PCF custodian - takes the money, 2 pcs. 1/4 paper, 1 pc. whole paper, and 1 pen b. Employee from a user department - 1 pc. 14 paper and 1 pen C. Internal auditor - 1 pc. whole paper and 1 pen d. Accountant - 1 pc. whole paper and 1 pen 3. Perform the procedures below and answer the requirements. VERAGE SHOT ON POCO M3 2021.2.1 14:01Chapter 2 Cash and Cash Equivalents 93 approves the est balance of 8. Check if the amount of shortage is correct. (Hint: The shortage is equal to the unremitted change plus the amount taken by the PCF custodian). 9. Change roles and re-perform the procedures. Have fun. other member stakes will treat Variation: Instead of taking money, the PCF custodian can add ill just treat you his/her personal money to the fund in order to have an overage. The overage would be equal to the added personal money less the unremitted change. for a fund to n gives the GRADING: a petty cash After performing this activity, grade yourselves objectively. The That else should perfect score for a member is 5 points; the lowest is 1 point (for the effort). Submit your scores to the teacher for recording. the invoice an invoice PROBLEM 6: FOR CLASSROOM DISCUSSION Cash ge. The PCF 1. The records of SML Co. on Dec. 31, 20x1 show the following: ask for the Checks drawn but not yet issued to payees P120,000 Customers' checks dated January 15, 20x2 35,000 Customers' checks dated Dec. 31, 20x1 40,000 me money SML's check dated Jan. 15, 20x2 already mailed to payee 16,000 nt is secret Cash on hand 130,000 later if the Employees' checks representing unclaimed salaries, held by the treasurer 14,000 unt. Petty cash fund (fully replenished) 20,000 conceal the Requirement: How much is included as cash on Dec. 31, 20x1? be equal to al auditor. Cash Equivalents 2. Behringer Co. holds the following securities on Dec. 31, 20x1: res a count Treasury bill acquired on Nov. 1, 20x1, maturing on P300,000 Jan. 31, 20x2 800,000 Money market placements to RCBC trust, made on e internal Dec. 15, 20x1, maturing on Aug. 31, 20x2 Redeemable preference shares acquired on Dec. 31, 1,600,000 DOO SHOT ON POCO M3 2021.2.1 14:01Chapter 2 Cash and Cash Equivalents 95 950,000 ed on Dec. 31, The Oink Bank checking account includes P100,000 450,000 compensating balance that is legally restricted. The Porky Bank savings account #5100342120 represents a cash equivalents? cash bond that is mandated by a law court to be held pending the final settlement of an on-going litigation. sit in foreign bank Dec. 31, 20x1: Requirement: What amount of cash in bank is presented in the financial statements? P1,800,000 2,900,000 Accounting for PCF 200,000 5. An entity established a petty cash fund (PCF) of P30,000 on 80,000 October 1, 20x1. During the month, P24,260 have been 6,000,000 disbursed from the PCF, and by the end of the month, the PCF ated at P51:CHF1) 1,400,000 box contains coins and currencies amounting to P5,625. Jan. 28, 20x2 600,000 Requirement: Provide the journal entries including the replenishment of the fund at month-end. Use a suspense account 31, 20x1 are as follows: to record any discrepancy. d as to withdrawal. 6. Use the information in #5 above but assume the PCF is not replenished and financial statements are prepared at month end. Assume further that all discrepancies in the PCF are sh and cash equivalents chargeable to the petty cash custodian. ancial position? Requirement: Provide the adjusting entry and determine the ft amount of PCF that will be reported in the financial statements. e following: 480,000 (20,000) 360,000 200,000 (70,000) 250,000 includes P40,000 restricted. 2021.2.1 14:02 SHOT ON POCO M3