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Assignment 1.2 Cash Count

The petty cash fund examination on December 31, 2019 showed a total of $13,666 consisting of currency, checks for expenses and collections, and approved vouchers. The adjusted balance of the petty cash fund should be $2,720 based on removing collections of $6,000 and unpaid payroll of $2,600. Based on this, there is a cash shortage of $84 being the difference between the adjusted total and the $5,000 imprest balance.

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Mary Rose Arguelles
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400 views

Assignment 1.2 Cash Count

The petty cash fund examination on December 31, 2019 showed a total of $13,666 consisting of currency, checks for expenses and collections, and approved vouchers. The adjusted balance of the petty cash fund should be $2,720 based on removing collections of $6,000 and unpaid payroll of $2,600. Based on this, there is a cash shortage of $84 being the difference between the adjusted total and the $5,000 imprest balance.

Uploaded by

Mary Rose Arguelles
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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PROBLEM:

You examined the petty cash fund of the General Company immediately after the close of business,
December 31, 2019, the end of the fiscal year. The following compositions was arrived at:

Currency 3,020.00
Checks:
Dec 29,2018 Judith Cruz, Employee 1,200.00
Dec 29,2018 Viva Company, Customer 2,500.00
Dec 30,2018 Alvin Taipan, Employee 1,100.00
Jan 15,2019 Judith Cruz, Employee, cashed Dec 30,2018 1,380.00
Dec 31, 2018 Manila Company, Customer 3,500.00

Vouchers: (All dated on or before Dec. 31, 2018)


Office Supplies 390.00
Transportation Expense 206.00
Freight on Purchases 220.00

Estimated unused office supplies 150.00


Unsigned pay envelope payable to Dante Santos, a resigned employee
(the envelope has been opened and the money has been removed) 2,600.00
The checks from Viva and Manila Company represent collections on account
The petty cash fund kept on an imprest system has a balance of 5,000.00

What is the adjusted balance of the petty cash fund as of December 31, 2018?
Based on the previous question, what is the amount of cash shortage or overage?

“I affirm that I have not given or received any unauthorized help on this assignment, and that this work is my own.”
SOLUTIONS:

Currency
Checks dated December
Collections from customers
Unreleased payroll
Adjusted balance of petty cash fund as Of December 31, 2018

Currency and Coins


Checks:
Checks representing collections(dated and postdated) 6,000.00
Checks for disbursement(entrusted to the custodian) 3,680.00
Properly approved petty cash vouchers evidencing payments
Estimated unused office supplies
Total per count

Imprest balance of cash fund


Undeposited collections
Unsigned pay envelope payable to resigned employee
Estimated unused office supplies
Cashier's Accountability

Total per count


Cashier's Accountability
Cash Shortage

ork is my own.”
3,020.00
8,300.00
- 6,000.00
- 2,600.00
2,720.00

3,020.00

9,680.00
816.00
150.00
13,666.00

5,000.00
6,000.00
2,600.00
150.00
13,750.00

13,666.00
13,750.00
84.00

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