National review center
Date Payee Description Amount
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| Date Payee Description Amount
12/22/20x1 Mr. John, sales mgr. Advance – trip to Boracay P 80,000 12/28/20x1 Central Post Office Postage stamps 6,480 12/29/20x1 Messengers Travelling expense 600 12/29/20x1 Megabyte Inc. Computer repair 3,200
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Other items found inside the cash box: Unclaimed pay envelope of Alex Moro, an employee. Indicated on the pay slip is his net salary of P30,000. Your inquiry revealed that Moro’s salary is mingled with the petty cash fund. Mr. John, the sales manager, presented his liquidation report for his trip to Baguio City: Advance received on 12/22/20x1 P80,000 Less: Hotel accommodations, meals, etc. P64,000 Bus fare for two 4,800 Cash given to Pele, salesman 4,000 72,800 Balance P 7,200* =======
Accounted for as follows: Cash returned by Pele to the sales manager P 480 Personal check of the sales manager 6,720 Total P 7,200 ======= Additional information: The custodian is not authorized to cash checks. The last official receipt included in the deposit on December 30, 20x1 is no. 351 and the last official receipt issued for the current year is no.355. The following official receipts are all dated December 31, 20x1: OR No. Amount Form of Payment OR No. Amount Form of Payment 352 P54,400 Cash 354 P14,400 Cash 353 71,200 Check 355 33,200 Check
The PCF per ledger is P100,000. Last replenishment date, 12/22/20x1. Determine: Amount of shortage due to the sales manager. Undeposited collections on 12/31/20x1 Total unreimbursed vouchers on January 3, 20x2. The total amount of cash shortage. Amount of travelling expense based on the liquidation report of the sales manager. PROBLEM 2 Acme Company was organized on January 2, 20x1, The following items are from the company’s trial balance on 12/31/20x1: Merchandise inventory P 138,000 Accounts receivable 330,800 Land 2,000,000 Building 2,800,000 Furniture & fixtures 734,000 Accounts payable 779,300 Notes payable – bank 1,000,000 Ordinary share capital 3,000,000 Share premium 300,000 Sales 12,470,400 Operating expenses, including depreciation of P800,000 2,010,300 Additional information: Deposit in transit, December 31, 20x1, P769,320. Service charge for December, 20x1, P4,000. Outstanding checks, December 31, 20x1, P950,000. Bank balance, December 31, 20x1, P1,784,000. Acme’s mark-up on sales is 30%.. Determine: Total collections from sales. Total payments for merchandise purchases. Total cash receipts per books. Total cash disbursements per books. Cash balance per books on 12/31/20x1. Adjusted cash balance on 12/31/20x1 .
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