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    Cpa Review

    Uploaded by

    Leonel King
    Cash and cash equivalents include coins, currency, money orders, petty cash, postage stamps, dividend fund, travel fund, interest fund, tax fund, bond sinking funds due within one year, saving deposits that are unrestricted and time deposits with original maturity of three months or less. The total cash and cash equivalents of F1 Inc as of December 31, 2011 is P32,350,000.

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    Cpa Review

    Uploaded by

    Leonel King
    134 views1 page
    Cash and cash equivalents include coins, currency, money orders, petty cash, postage stamps, dividend fund, travel fund, interest fund, tax fund, bond sinking funds due within one year, saving deposits that are unrestricted and time deposits with original maturity of three months or less. The total cash and cash equivalents of F1 Inc as of December 31, 2011 is P32,350,000.

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    cpa

    Original Title

    CPA REVIEW

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    Cash and cash equivalents include coins, currency, money orders, petty cash, postage stamps, dividend fund, travel fund, interest fund, tax fund, bond sinking funds due within one year, saving deposits that are unrestricted and time deposits with original maturity of three months or less. The total cash and cash equivalents of F1 Inc as of December 31, 2011 is P32,350,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    134 views1 page

    Cpa Review

    Uploaded by

    Leonel King
    Cash and cash equivalents include coins, currency, money orders, petty cash, postage stamps, dividend fund, travel fund, interest fund, tax fund, bond sinking funds due within one year, saving deposits that are unrestricted and time deposits with original maturity of three months or less. The total cash and cash equivalents of F1 Inc as of December 31, 2011 is P32,350,000.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    CPA REVIEW

    Financial Accounting and Reporting


    CASH AND CASH EQUIVALENTS

    Components of Cash and Cash Equivalents (PAS 1 and PAS 7)


    Problem 1. The following items are found in the Accounting Records of F1 Inc. on December 31,2011:
    Coins P1,000,000-
    Currency 2,500,000-Cash
    Money Orders 1,500,000-Cash
    Foreign Currency Deposit (restricted) 2,000,000-NCA-investment
    Petty Cash Fund (P20,000 in vouchers and P30,000 IOUs from Employee) 100,000-Cash-50k
    Expense – 20 k ; IOU Receivable 30k
    Postage Stamp 50,000-P
    IOU from the Company president 200,000-
    Receivable
    Postdated check from a customer of F1 Inc. 300,000-Receivable
    Unreleased or undelivered check for payment of accruals drawn by F1 400,000-cash
    Postdated check issued to a supplier of F1 Inc. 100,000-cash
    Savings Deposit in a Bank closed by BSP 500,000-
    receivable
    Fund set aside for acquisition of Land – to be disbursed on December 31,2013 3,000,000-nca-long term inv
    Fund set aside for acquisition of Building – to be disbursed on July 1,2012 2,000,000-nca-
    Payroll fund 1,000,000
    Dividend fund 200,000-cash
    Travel fund 300,000-cash
    Interest fund 100,000-
    Tax fund 400,000-cash
    Bond sinking fund – Bonds payable will be due on December 31,2013 2,000,000-nca- 2yrs ncl ang b/p
    Bond sinking fund – Bonds payable will be due on July 1,2012 1,000,000-cash b/p cl, bsf,
    ca
    Cash surrender value of life insurance 10,000-nca
    Saving Deposit in BDO Bank (compensating balance of P200,000 – unrestricted) 2,000,000-cash
    Saving Deposit in BPI Bank (compensating balance of P100,000 – restricted for
    Short-term borrowing) cash-1.5m other current asset 100k short term inv 1,600,000-
    Saving Deposit in MetroBank (compensating balance of P300,000 – restricted for
    Long-term borrowing) cash 2.5m; nca-300k 2,800,000
    Time Deposit with remaining term of 30 days on 12/31/2011 and acquired
    on September 1,2011 4,000,000-otheCA,
    Time Deposit with original term of 5 years and remaining term of 80 days on
    December 31,2011. It was acquired on December 21,2011 . 5,000,000-cash equivalent
    Current Account in PNB - (Overdraft) (500,000)-
    curreliab
    First Current Account in RCBC – (Overdraft) (1,000,000)-legal
    compensation
    Second Current Account in RCBC 3,000,000-
    Stale Check from a Customer 200,000-receivable
    Stale Check issued to a supplier against Second Account in RCBC 100,000-cash
    Investment in Ordinary Shares 300,000-nterm in
    Investment in Preference Shares 400,000-
    Investment in Redeemable Preference Shares – 90 days term 500,00
    Required: What is the total cash and cash equivalents to be presented in the December 31,2011 Statement of Financial Position of
    F1 Inc.?

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