Professional Documents
Culture Documents
Sample Problems For Cash
Sample Problems For Cash
1. The statement of financial position of Kwarta Company shows cash of 330,820. The following
items were found to comprise this total amount:
Checking account in Metrobank (outstanding checks as of
year-end totaled 15,200)
Savings account is Far East bank
105,200.00
30,800.00
1,500.00
4,200.00
35,000.00
65,000.00
14,000.00
Manager's Check
23,120.00
52,000.00
20,000.00
750,000.0
0
1,200.00
600.00
10,000.00
30,000.00
500,000.0
0
5,400.00
4,000.00
8,000.00
341.60
1,321.40
780.00
837.60
1,000.00
2,450.00
3,300.00
800.00
1,400.00
2,000.00
The petty cash fund has an imprest balance of 10,000. The companys reporting period ends on
June 30.
What is the correct balance of the petty cash fund?
How much is the cash shortage or overage?
Prepare the adjusting entry for June 2012
6. You are attempting to determine an apparent cash shortage that you believe resulted from an
employees theft. You have assembled the following information for the month of March:
Cash balance per books, March 1
Cash receipts for March per books
Cash disbursements for March per books
Cash balance per bank statement, March 31
Deposit in transit, March 31
Outstanding checks, March 31
Bank service charge for March
115,963.70
246,475.00
334,709.10
15,341.40
9,000.00
2,703.80
92.00
400,000.00
387,000.00
100,000.00
1,000.00
22,000.00
A paid check for 40,000 was recorded in the cash book as 4,000.
Assuming no other errors were noted, what is the amount of the outstanding checks at
December 31, 2012?
8. The following data related to Jennifer Services Incorporated were gathered:
30-Nov-12
270,311.0
0
294,771.0
0
21,270.00
Outstanding checks
40,525.00
295.00
5,500.00
31-Dec-12
148,986.0
0
32,925.0
0
35,191.5
0
158.0
0
4,925.0
0
Other information:
Receipts and disbursements per books during December are P1,072,850 and
P1,195,536.50, respectively.
Total credits reflected in the bank statement amounted to P1,065,620.
Check #137412 for P2,300 recorded by depositor as P3,200 in error.
Customer check for P5,947 deposited on December 28, 2012 was found to be
uncollectible.
Interest for P625 chargeable to Jennyfer Services was erroneously charged by the bank
to the company.
No sufficient fund checks in the amount of P5,000 was returned by the bank and
redeposited by the company during December. No entry was made on the books for the
return or redeposit.
Prepare a proof of cash.
1. Leona Company had the following account balances on December 31, 2011:
4,000,000.00
1,500,000.00
500,000.00
1,000,000.00
2,000,000.00
c. P 8,800,000
d. P 5,800,000
2. On December 31, 2011, Tigres Company had the following cash balances:
Cash in Bank
Petty Cash Fund
Time Deposit, one year, due March 1,
2012
Saving Deposit
5,000,000.00
50,000.00
1,000,000.00
500,000.00
A check of P 100,000 dated January 15, 2012 in payment of accounts payable was
recorded and mailed on December 28, 2011. How much cash and cash
equivalents should be reported on December 31, 2011?
a. P 6,550,000
b. P 6,650,000
c. P 5,650,000
d. P 5,450,000
3. The cash account in Jen Companys ledger on December 31, 2011 showed a balance
of P 5,250,000 which included the following:
50,000.0
0
1,300,000.
00
2,500,000.
00
1,000,000.
00
250,000.0
0
150,000.0
0
5,250,000.
00
At what amount should Jen Company report as cash in the December 31, 2011
statement of financial position?
a. P 3,650,000
b. P 3,850,000
c. P 4,650,000
d. P 4,050,000
4. Enipr Company had the following account balances at December 31, 2011:
5,000,000.00
2,000,000.00
6,000,000.00
1,000,000.00
In the December 31, 2011 statement of financial position, what total amount
should be reported as cash and cash equivalents?
a. P 12,000,000
b. P 14,000,000
c. P 11,000,000
d. P 13,000,000
5. On April 1, Jennifer Company established an imprest system petty cash fund for P
10,000 by writing a check drawn against the general checking account. On April 30, the
fund contained the following:
3,000.0
0
4,000.0
0
2,000.0
0
600.00
On April 30, the entity wrote a check to replenish the fund. What is the amount of
replenishment under the imprest fund system?
a. P 10,000
b. P 6,600
c. P 7,000
d. P 3,000
6. During the audit of Maganda Company on December 31, 2011, the following data are
gathered:
4,000,000.
00
10,000.0
0
950,000.0
0
1,200,000.
00
1,500,000.
00
60,000.0
0
250,000.0
0
1,000,000.
00
a. P 4,300,000
b. P 5,300,000
c. P 4,250,000
d. P 4,000,000