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Problem-2 3 1

Nicelle, your cash count sheet and audit adjusting entries are well prepared and clearly presented. Good work summarizing all the details provided in the problem.

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Alexis King
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341 views

Problem-2 3 1

Nicelle, your cash count sheet and audit adjusting entries are well prepared and clearly presented. Good work summarizing all the details provided in the problem.

Uploaded by

Alexis King
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Problem 1 - Petty cash

You are making an audit of Rafflesia Company for the year ended December 31, 2020.

The balance of the petty cash account on December 31, 2020 was P 15,000

Your count of the imprest fund, made at 9:00 am on January 3, 2021, in the presence of Mr.
Pogi revealed:

Bills and Coins:

Denomination Quantity

₱1,000.00 2 2,000

₱500.00 4 2,000

₱100.00 14 1,400

₱50.00 16 800

₱20.00 10 200

₱10.00 19 190

₱5.00 17 85

₱1.00 25 25

₱0.50 21 10.50
₱0.25 28 7

6,717.50

Checks:

Maker Date Bank Amount

Eudora, employee 12 28 2020 PNB ₱3,000.00

Martis, employee 12 29 2020 SB ₱1,500.00

Chou, customer 12 31 2020 AT ₱2,500.00

Barats, customer 01 02 2021 FBTC ₱3,200.00

Granger, employee (check


received 12-28-2020) 01 10 2021 UB ₱1,500.00

These checks were all considered good when deposited after dates shown on the checks.
The first four checks were actually deposited January 3; the Granger check was deposited
January 13; all five checks proven to be good

Particulars Date Voucher no. Amount

Freight bill on merchandise sold 12 11 2020 151 ₱500.00

Supplies 12 28 2020 183 ₱300.00

Freight bill on merchandise


purchased 12 29 2020 184 ₱394.20
Freight bill on furniture purchased 12 31 2020 185 ₱741.10

Freight bill on merchandise


purchased (purchase was made
in December) 01 02 2021 1 ₱244.70

IOU

Miya, employee 12 21 2020 ₱300.00

Sales Invoices (for cash sales;


collections handled by Mr. Pogi)

Invoice #118 12 30 2020 ₱1,000.40

Invoice #129 12 31 2020 ₱2,500.00

Invoice #133 01 02 2020 ₱3,200.00

As a general rule, the petty cashier endeavored to turn over the proceeds of cash sales to the
general cashier every Friday. Proceeds on these sales were recorded and deposited by the
general cashier.

Unused office supplies ₱40.00

These supplies represent the


unused portion of those
purchased on voucher 183
Required:

Prepare cash count sheet on January 3, 2021

Prepare necessary audit adjusting entries as at December 31, 2020

ACCTG PRE 02 Auditing and Assurance Concepts & Applications 1

Name: Nicelle Nicole Noreen Nuñez Yr. & Block: BSA3 Block B

Cash Count Sheet


January 3, 2021

Bills and coins


Denomination Number of Amount
pieces
P 1,000.00 2 P 2,000.00
P 500.00 4 P 2,000.00
P 100.00 14 P 1,400.00
P 50.00 16 P 800.00
P 20.00 10 P 200.00
P 10.00 19 P 190.00
P 5.00 17 P 85.00
P 1.00 25 P 25.00
P 0.50 21 P 10.50
P 0.25 28 P 7.00 P 6,717.50

Checks:
Date Drawer Amount
12/28/2020 Eudora, P 3,000.00
employee
12/29/2020 Martis, P 1,500.00
employee
12/31/2020 Chou, P 2,500.00
customer
01/02/2021 Barats, P 3,200.00
customer
01/10/2021 Granger, P 1,500.00 P 11,700.00
employee
IOU representing loan to Mia, an employee P 300.00

Paid petty cash voucher:


Date Particulars Amount
12/11/2020 Voucher 151 Freight bill on P 500.00
merchandise
sold
12/28/2020 Voucher 183 Supplies P 300.00
12/29/2020 Voucher 184 Freight bill on P 394.20
merchandise
purchased
12/31/2020 Voucher 185 Freight bill on P 741.10
furniture
purchased.
01/02/2021 Voucher 1 Freight bill on P 244.70 P 2,180.00
merchandise
purchased

Unused office supplies P 40.00


Total per count P 20,937.50

Cashier’s Accountability
Petty Cash fund 15,000.00
Sales collection 6,700.40
Unused Office Supplies 40.00 P 21,740.40
Cash (shortage) overage - P 802.90

Auditing Adjusting entries: Dr. Cr.


Receivables - Employees 1,800.00
Freight bill on merchandise sold 500.00
Supplies (300-40) 260.00
Freight bill on merchandise purchased 394.20
Freight bill on furniture purchased. 741.10
Cash short or over 802.90
Petty cash fund 4,498.20

Unused office supplies 40.00


Office supplies expense 40.00

Cash in bank (1,000.40 +2,500.00) 3,500.40


Sales 3,500.40

The balance of petty cash fund as of


Dec. 31, 2021
Bills and coins as of January 3 P 6,717.50
Checks (3K +1.5K +2.5K) 7,000.00
Petty Cash Vouchers after December 31 244.70
Total Cash items 13,962.20
Unremitted cash sales as of December 31 (3,500.40)
(1,000.40 + 2,500.00)
Petty cash balance per audit P 10,461.80

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