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Manuel S. Enverga University Foundation

Lucena City


AUDITING PROBLEM CPA Review

CASH, BANK RECONCILIATION M.C. Cerda, CPA, MBA, RCA

02021
PROBLEM 1


In connection with your audit of the financial statements of Abacus Corporation for the year ended 12/31/20x1, you conducted a surprise count of the company’s petty cash and undeposited collections at 8:30AM on January 3, 20x2. Your audit disclosed the following:
Bills: Coins:

P100 20 pieces P5.00 72 pieces

50 160 pieces 1.00 856 pieces

20 192 pieces

Checks:

Date Payee Maker Amount

12/30/20x1 Cash PCF Custodian P 4,800

12/30/20x1 Abacus Corp. RBS Inc. 56,000

12/31/20x1 Abacus Corp. Mr. John, sales manager 6,720

12/31/20x1 Abacus Corp. Kenji Corp. 71,200

12/31/20x1 Abacus Corp. Lorena Corp. 33,200

12/31/20x1 FHM Inc.

( not endorsed ) Abacus Corp. 108,000


Unreimbursed vouchers:


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