Problem Solving

Show complete solution and explanation.

1. QUEZON Company has a petty cash fund of P25. At the end of the month, petty cash includes the following:

Currency and coins P 1. 50

Receipted vouchers for:

Postage 6. 00

Travel 7. 50

Donation to charity 10. 00

P25. 00

What is the correct entry to simultaneously replenish the fund and increase it to P100?

2. The following attempt at a bank reconciliation statement has been prepared by ILOCOS, a limited liability

company;

Overdraft per bank statement P 38, 600

Add: Deposits not credited 41, 200

P 79, 800

Less: Outstanding checks 3, 300

Overdraft per cash book P 76, 500

Assuming the bank statement balance of P38, 600 to be correct. What should the cash balance be?

3. The checkbook balance of RIZAL Corp. on December 31, 2020 was P200, 000, with certain cash items inside its

vault payable to/or prepared by the company, as follows:

A customer's check amounting to P10, 000 dated January 2, 2021 not included in the December 31,

checkbook balance.

Another customer's check for P28, 000 deposited on December 22, 2020 include in its checkbook

balance, returned by bank for insufficiency of funds. The check was re-deposited on January 3, 2021 and

cleared two days later.

A P48, 000 check payable to a supplier dated and recorded on December 30, 2020 but mailed only on

January 6, 2021.

What is the amount of cash shown in RIZAL's balance sheet on December 31, 2020?