Bonjour Company

General and Petty Cash Count

Audit Year: 20x1
Date of Count: January 5, 20x2, 10:00am

Bills and Coins

Denomination Pieces
P 500 218
100 454
50 610
20 1,008
10 20
5 608
1 1,040
0.25 4,032

Checks
Maker Payee Date Amount
Tissot - Customer Bonjour Company 12/30/20x1 P 23,840
Castro - Customer Bonjour Company 12/26/20x1 25,010
Allez - Customer Bonjour Company 1/2/20x2 11,414
Petra - Customer Bonjour Company 12/21/20x1 26,700
Bonjour Company Bonne Chance Corp. 12/27/20x1 29,000
Salut - Officer Bearer 1/5/20x2 620
Bueno* Cash 12/29/20x1 520
*Amount is for a return of travel advance made to the employee in an earlier period.

Vouchers and IOUS

Paid to Date Amount
BWD 1/2/20x2 P 70
BENECO 12/20/20x1 300
Eurotel - Christmas Party 12/23/20x1 12,580
Vina - IOU 12/27/20x1 600

Additional Notes: (mga ebidensya ng cash transactions ukol sa binilang)

1. Cash sales invoice (all currencies, No. 17903 to 18112), P 201,000.
2. Official Receipts
Number Amount Form of Collection
31250 P 1,120 Cash
31251 25,010 Check
31252 2,404 Cash
31253 23,840 Check
31254 26,700 Check

3. Stamps of various denomination amounted to P 160.

4. A notation on an envelope is "Proceeds from employee contribution for Christmas Party, P 19,000".
5. Petty cash per ledger, P 30,000.
Questions:
1. How much is the petty cash shortage as of January 5, 20x2?
2. What is the credit adjustment to correct the petty cash fund?
3. What is the adjusted petty cash fund as of December 31, 20x1?

Solution:
1. Accountability: (ano ang dapat na meron)
Cash receipts, undeposited P 201,000 from sales invoice No. 17903 to 18112
Cash and Check receipts, undeposited 79,074 from OR No. 31250-31254
Check of Allez - Customer, undeposited 11,414 unrecorded check
Check of Salut - Officer, undeposited 620 in payment of an IOU
Check of Bueno - Employee, undeposited 520 to reimburse the entity's unused fund
Petty cash per ledger 30,000 must account the fund's disbursements
Proceeds for Christmas Party 19,000 the amount must be intact
Total Accountability P 341,628

Accounted for:
(yung nabilang na cash, at kung saan napadpad yung cash sa general and petty cash fund)
Bills and Coins P 210,348
Checks 88,724
Vouchers and IOUS 13,550
Amount Accounted for P 312,622

*In counting for checks, we did not include the following:

Bonjour Company Bonne Chance Corp. 12/27/20x1 because it is an undelivered check

Accountability less Accounted for equals P 29,006 Cash Shortage as of January 5, 20x2.

*The Accountability and Accounted for amount are not absolute amounts. You may eliminate items
that are surely the same in both accountability and accounted for for shorter solutions.

2. Vouchers and IOUS P 970

Cash Shortage 29,006
Credit to Petty Cash Fund P 29,976

*The voucher paid to Eurotel for the Christmas Party was not included in the vouchers because the
related amount disbursed came from the proceeds from employee contribution for the Christmas party
and not from the petty cash fund.

*The total amount of the cash shortage is to be credited to the petty cash fund because the petty cash
fund custodian is the one primarily responsible for the shortage. The receivable from petty cash
custodian will be debited for this entry, and this account will be reversed when paid by such custodian
or proven that it was not the fault of the custodian(it will be transferred to a loss or receivable from
another employee).

3. Petty Cash Fund, per ledger P 30,000

Credit to Petty Cash Fund 29,976
Adjusted Petty Cash Fund, 12/21/20x1 P 24