Scribd Logo
Upload

Welcome to Scribd!

  • 31 views

    Audit Problems

    Uploaded by

    Ticia Tungpalan
    The document contains 3 problems involving cash and cash equivalents accounting. Problem 1 lists cash and cash equivalent accounts and balances. Problem 2 involves adjusting and reconciling cash accounts. Problem 3 is reconciling a petty cash fund.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Audit Problems

    Uploaded by

    Ticia Tungpalan
    31 views2 pages
    The document contains 3 problems involving cash and cash equivalents accounting. Problem 1 lists cash and cash equivalent accounts and balances. Problem 2 involves adjusting and reconciling cash accounts. Problem 3 is reconciling a petty cash fund.

    Original Title

    Audit-Problems

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    The document contains 3 problems involving cash and cash equivalents accounting. Problem 1 lists cash and cash equivalent accounts and balances. Problem 2 involves adjusting and reconciling cash accounts. Problem 3 is reconciling a petty cash fund.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views2 pages

    Audit Problems

    Uploaded by

    Ticia Tungpalan
    The document contains 3 problems involving cash and cash equivalents accounting. Problem 1 lists cash and cash equivalent accounts and balances. Problem 2 involves adjusting and reconciling cash accounts. Problem 3 is reconciling a petty cash fund.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    PROBLEM 1

    1. Cash on hand, beginning 1 200 000


    NSF check (50 000)
    Cash receipts journal (300 000)
    Post-dated checks (30 000)
    TOTAL CASH ON HAND 820 000

    2. Petty cash, beginning 10 000


    Unreplenished cash disbursement (1 000)
    Employees IOUs (500)
    Currency in an envelope marked “employees’ contribution for charity” (1 500)
    TOTAL PETTY CASH FUND 7 000

    3. Balangay bank current account, beginning 980 000


    Unreleased/undelivered checks 30 000
    Post-dated checks 75 000
    TOTAL BALANGAY BANK CURRENT ACCOUNT 1 085 000

    4. Cash on hand 820 000


    Petty cash fund 7 000
    Balangay bank current account 1 085 000
    Solid bank current account 360 000
    Time deposits 2 000 000
    TOTAL CASH AND CASH EQUIVALENT 4 272 000

    PROBLEM 2

    1. Petty cash fund, trial balance 30 000


    Various expenses from imprest petty cash fund (16 250)
    Cash advance to an employee (3 500)
    ADJUSTED BALANCE 10 250

    2.

    Book Bank
    Unadjusted balance 748 320 638 340
    NSF Check (22 500)
    Bank error (7 520 – 5 720) 1 800
    Unrecorded cash receipt 3 500
    Post-dated checks (67 300)
    Bank debit memo (230 000)
    Interest earned 1 950
    Bank service charge (1 260)
    Deposit in transit (136 250 – 67 300) 68 950
    Outstanding checks ______ (276 380)
    Adjusted balance 432 710 432 710
    3. Accounts Receivable 22 500
    Cash 22 500

    Cash 3 500
    Advances to employees 3 500

    Accounts Receivable 67 300


    Cash 67 300

    Accounts Payable 230 000


    Cash 230 000

    Cash 1 950
    Interest Income 1 950

    Bank Service Charge 1 260


    Cash 1 260

    4. Cash in bank 432 710


    Petty cash fund 10 250
    Time deposit 1 000 000
    Money market placement 4 000 000
    TOTAL CASH AND CASH EQUIVALENT 5 442 960

    PROBLEM 3

    Petty cash accounted


    Bills 11 300
    Coins 250
    IOU 3 750
    Postage stamps 750
    Receipts (420 + 660 + 6 540 + 2 010) 9 630
    Check signed by Melvin Cruz 1 050
    Check signed by Celine Dilon 990 27 720
    Petty cash accountability
    Petty cash fund – general ledger (30 000)
    Employees contribution (3 630) (33 630)
    Cash shortage 5 910

    You might also like