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Problem Solving (20pts) 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 Which of the following 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? 2/4 3. The checkbook balance of RIZAL Corp. on December 31, 2020 was P200, 000, with certain cash item. 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? 4. As of June 30, 2020, the bank statement of BATANGAS Trading had an ending balance of P373, 612. The following dates were assembled in the course of reconciling the bank balance: The bank erroneously credited BATANGAS Trading for P2, 150 on June 19. During the month, the bank charged NSF checks amounting to P2, 340 of which P800 had been redeposited on the 24th of June. Collection for June 30 totaling P10, 330 was deposited the following month. Checks outstanding as of June 30 were P30, 205. Notes collected by the bank for BATANGAS Trading were P8, 150 and the corresponding bank charges were P50. What is the unadjusted book balance on June 30, 2020? 1 |PAGE 5. LAGUNA Company's checkbook balance on December 31, 2020 was P5, 000,000. In addition, LAGUNA held the following items in its safe on that date: Check payable to LAGUNA, dated January 2, 2021 in payment of a sale made in December 2020, not included in December 31 checkbook balance. P2,000,000 Check payable to LAGUNA, deposited December 15 and included in December 31 checkbook balance, but returned by bank on December stamped "NSF" The check was redeposited on January 2, 2021 and cleared on Jan. 9, 2021. 500,000 Check drawn on LAGUNA's account payable to vendor, dated and recorded in LAGUNA's books on December 31, but not mailed until January 10, 2021 300,000 The proper amount to be shown as "cash" on LAGUNA's balance sheet on December 31, 2020 is