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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
Postage stamps unused . . . . . . . P1,460


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


  1. Amount of shortage due to the sales manager.

  2. Undeposited collections on 12/31/20x1

  3. Total unreimbursed vouchers on January 3, 20x2.

  4. The total amount of cash shortage.

  5. Amount of travelling expense based on the liquidation report of the sales manager.

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%..


  1. Total collections from sales.

  2. Total payments for merchandise purchases.

  3. Total cash receipts per books.

  4. Total cash disbursements per books.

  5. Cash balance per books on 12/31/20x1.

  6. Adjusted cash balance on 12/31/20x1


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