Problem 7 – 29:

Admirable Company had a petty cash fund which included the following details:

Coins and currency 2,000

Paid vouchers
Transportation 600
Gasoline 400
Office Supplies 500
Postage Stamps 300
Due from employees 1,200 3,000

Employee’s check returned by bank marked “NSF” 1,000

Check drawn by the entity to the order of petty cash custodian 4,000

What amount of petty cash should be reported?

a) 10,000
b) 7,000
c) 6,000
d) 9,000

Problem 7 – 30:

On April 1, Magnanimous Company established an imprest petty cash fund for P 10,000 by
writing a check drawn against the checking account. On April 30, the entity wrote a check to
replenish the fund. On April 30, the fund contained the following:

Currency and coins 3,000

Receipts for office supplies 4,000
Receipts for postage still unused 2,000
Receipts for transportation 600

What is the amount of replenishment under the imprest fund system?

a) 10,000
b) 6,600
c) 7,000
d) 3,000