Upon examination of the petty cash fund of Maverick Company on January 3, 2020, the following items were found: Total bills and coins - P1,825; Certified check of general manager dated December 15, 2019 - P1,500; Petty cash voucher (PCV) for postage stamps - P280; PCV for supplies - P650; PCV for IOU of employee - P500; Company check representing replenishment of petty cash fund - P5,150; Unused postage stamps - P120; An envelope containing contributions of employees for the death of a fellow employee (contents intact) - P3,000. The petty cash fund was established for an amount of P10,000. What is the shortage or overage in petty cash fund as of the date of count?

Answer rating: 100% (QA)

To determine the shortage or overage in the petty cash fund we need to calculate the total cash on hand and compare it with the established fund amoun... View the full answer