audit of cash and cash equivalents problems with solutions

audit of cash and cash equivalents problems with solutions

official receipt issued for the current year is No. Employee’s post dated check 4,000 Trade and other receivables. Petty cash fund (including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2007) P 15, b. Please sign in or register to post comments. Cash Equivalent . (100,000) Short term borrowing Page 1 of 21 AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Cash on hand Customer’s check dated 1/1/13 80,000 Trade and other receivables December 31, 2012, a) Customer's uncollectible check (NSF) In connection with your audit of Caloocan Corporation for the year ended December 31, 2006, you gathered the following: Current account at Metrobank P2,000, Current account at BPI (100,000) Payroll account 500, Foreign bank account – restricted (in equivalent pesos) 1,000, Postage stamps 1, The last replenishment of the fund 4 0 obj j?l���/~�j_���0�DJ��Rg�Eeٔ��V�y��0��a-�v��%  On December 31, 2015, the company received and recorded customer's postdated God Bless AP CASH & CASH EQUIVALENTS Q AP INVENTORIES QUIZZER Q AP INVESTMENTS QUIZZER Q AP PPE QUIZZER Q AP RECEIVABLES QUIZZER Q AP-59-1stPB_5.06 AP-59-PW_5.06 AP-5901_SHE AP-5901Q_SHE AP-5902_Liabilities AP-5902Q_liabs AP-5903_PPE & Intangibles AP-5904_Investments AP-5904Q_Investments AP-5905_Inventories AP-5906_Receivables AP-5906Q_Receivables AP-5907_Cash AP-5907Q_Cash (10,000) AJE No. Alternative computation: Currency and coins 2, return 20, Deduction from accounts 1,280. Bank reconciliation: Adjustments from bank balance: Deposits in transit, outstanding checks. In connection with the audit of the financial statements of Rupee Company for the year ended Items included: 2015. Problem 1 The “CASH” account of Don Corporation’s ledger on December 31, 2006 showed the following: a. Dec. 30 Cash Ms. Jessie P 2, 1 Current account at Metrobank P2,000,000 Payroll account 500,000 Traveler’s check 50,000 Money order 30,000 Petty cash fund (P4,000 in currency) 4,000 Treasury bills, due 3/31/17 (purchased 12/31/16) 200,000 Total P2,784,000 PROBLEM NO. Date Payee Drawer Amount Accounted for as follows: Petty cash fund (including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2007) P 15,000 b. Redemption Fund Account – PNB 500, c. Traveler’s check 100, d. Money order 10, e. Accounts receivable subsidiary ledgers had a total balance of P70,000 at December 31, 355 16,600 Check included a protest fee of P2,000. b��.�\l�y��#��p�T��T!��O��HK��e�mex[����� ��1;��,s�Ĵ)� �A}�~� ��h�E��>~�F�d�ݲY|^��-�QA�����ڬ7�Q��wv� 12/31/12) 200, 6, of P1,000 and net of service charge of P500) Time deposit - 30 days 200, 156 (P3,290 - P32,900) - over Study Guide Volume 1 to Accompany Intermediate Accounting (6th Edition) Edit edition. Adjusting entries as of December 31, 2015, (b) Postdated check received Add: Deposit in transit P 175, The December 31, 2010 statement of financial position should show “Cash and cash equivalents“ at A. P 6,142,970 C. P 4,442,960 B. P 5,439,360 D. P 5,442,960 Solution: Cash in Bank –Tsunami Bank P432,710 Petty cash Fund 10,250 Time deposit 1,000,000 Money Market placement 4,000,000 Cash and cash equivalents P5,442,960 PROBLEM 2 Computation of Correct Cash Balance The following … Adhere to general principles for cash control. �*i��K�*�}���J_V_3u�.WR$���1����ז� ��rEU|եPL2)2�D��h �p��b�hTC���9,k��. 25,500 AJE No. Usually asked by an audit manager or partner. Checks 3 Travel expense [P9,000+P800+(P600-P240)] 3. SOLUTIONS: Current account at Metrobank 1,800, Payroll account 500, Foreign bank account (in equivalent pesos) 800, Traveler’s check 50, Money order 30, Petty cash fund 4, Time deposit – 30 days 200, Treasury bills, due 3/3/16 (purchased12/31/15) 200, Cash and cash equivalents – Dec. 31, 2015 3,584, PROBLEM NO. Cash equivalents are investments that can readily be converted into cash. You were engaged to audit the books of Davao Company. CHAPTER 3 - Audit of Cash & Cash Equivalents. DAIF check of customer 15, fixtures bought for P50,000 had an unpaid balance of P5,000. P350,000 and P293,500, respectively. Learn vocabulary, terms, and more with flashcards, games, and other study tools. investment and a bank loan, details of which are in additional data. The bank statement on December 31, 2010 showed a balance of P638,340. Implement physical cash limits. Unreplenished petty cash vouchers You were able to gather the following from the December 31, 2015 trial balance of PRTC 7, j) Petty cash fund (180) AJE No. A deposit of P20,000 was recorded by the bank on December 5, but it should have been 1,086. d. Cash and cash equivalents The company's account was charged on December 26 for a customer's uncollectible check In view of the variety of cash management practices, an enterprise discloses the policy, which it adopts in determining the composition of cash and cash equivalents. The following official receipts are all 50 80 pieces 0.50 324 pieces Petty cash fund (P10,000 - P6,700) 3. 10,000 Trade and other receivables ��������Q�FeB��+��̋2�.KL�]a�\�zY.^_����/[���_���7K)?�ů����cbl�Ty%�>�����Qb `�R ���� Cash count of the d) Book errors in recording disbursements, Check no. Outstanding checks , 12/ check amounting to P50,000. Suppliers' unpaid invoices for merchandise totaled P15,000;while an account for store Foreign bank account (in equivalent pesos) 800. Retain documentation for all items of expenditure. k. Proceeds from cash sales of P60,000 for December 18 were stolen. 351 and the last Monthly bank reconciliation statements have not been prepared; however, bank statements for 4. Unreleased check 50, 13. Financial Management II (ACCOUNTING 141 ), PROBLEM NO. P 100 10 pieces P below) 900 662, Loan payment 80, Copyright © 2020 StudeerSnel B.V., Keizersgracht 424, 1016 GC Amsterdam, KVK: 56829787, BTW: NL852321363B01, Contemporary - ctto readings relation to trans nationalism and integration process, Ifrs 15 solutions retail consumer industry pwc. 1.b) 6. c. Adjusted cash in bank Note collected by bank 15,000 190, Accounts receivable 60. 1 of 11 AP-5907 CEBU CPAR CENTER M a n d a u e C I t y AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. 6 Cash short/over (Receivable from custodian) of P1,000 and net of service charge of P500) f. The gross profit rate is 120% of cost. 3 0 obj 154 P Post dated check delivered 86. 9, 352 P 27,200 Cash 10. Replenishment check 4, AUDIT TECHNIQUES - Cash and Cash Equivalents / Summary. bookkeeper-cashier handles cash receipts, maintains accounting records, and prepares the AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Security Bank current account no. IOUs from employees 10, REQUIRED: Petty cash fund per total 10, Currency in envelope marked "collections for charity" Amount Form of payment Adjusting journal entries December 31, 2015,you performed a surprise count of the petty cash fund and undeposited 2,914, PROBLEM NO. Total 540, Total P O.R. 1, (including P2,000 protest fee) 8�n3��~/�{xx�6Y�]go��/W�X���H��PQ�CU}i)�̔:Wc#�͑,M^A5k�!$)A� �Wo��fq��ݷr�?~���K�x���?~J ���[>fd$�� �����Eޔ��d߿��`�H������ 3�#�?��;|��毈0h6))�y��P��� S骁R������9J!Ki&�u^� �2su PZ���E^:��sY/v��3q (1,830), f) Note collected by bank (including interest income. 40. 1 You were able to gather the following from the December 31, 2005 trial balance of Peso Corporation in connection with your audit of the company: Cash on hand 372,000 Petty cash fund 10,000 BPI current account 950,000 Security Bank current account No. 2. December, 2015 showed an ending balance of P91, 500. Petty cash fund, as adjusted 6, Adjusting journal entries: Employees' vales 1, Determine the cash and cash equivalents to be reported on the entity's December 31, 2015 Money order 30, 17903 to 18112 Cash and Check receipts, undeposited 79,074 from OR No. Dec. 31 Rupee Company Ryan 16, The company expects Account for all cash. 29, e) December bank service charges Start studying Audit - Chapter 10 - Auditing Cash and Cash Equivalents. to recover this amount from insurance company. Total representing unclaimed salaries had been removed. The bookkeeper-cashier prepared the following reconciliation at the end of the year: Balance per bank statement P 350, Bus fare for two 800 cashier's accountability amounted to P5,000. Advances to officers and employees Cash given to Roy, salesman 600 10, a) The custodian is not authorized to cash checks. Petty cash fund (P4,000 in currency and expense receipts for Requirement No. Advances to officers and 950, You are conducting an audit of the Swerte Company for the year ended December 31, 2015. AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO.  Included in the list of outstanding checks were the following: representing correction of an erroneous bank credit. 8, k) Stolen cash sales to be recovered from insurance co. (60,000) AJE No. Your analysis of these bank statements showed total bank credits (deposits) of P575,000 including the owners' initial Employee's postdated check 4, BPI current account, per trial balance Previous. Post navigation. (1,200). endobj 1.a) i. date of which is January 4, 2016, and released in December, 2015. 1 In connection with your audit of Caloocan Corporation for the year ended December 31, 2006, you gathered the following: 1. (30,000) AJE No. Pension fund 2,000,000 Noncurrent asset Foreign bank account (in equivalent pesos) 800, AUDIT OF CASH AND CASH EQUIVALENTS. Make your own animated videos and animated presentations for free. No. Adjusted deposit in transit b) The last official receipt included in the deposit on December 30 is No. check no. 1. Cash returned by Roy to the sales manager P 240 2, c) Book error in recording collection (P15,400 - P14,500) 900 AJE No. (20,000). Undeposited collections, 12/ <> Current account at Metrobank 1,800. (30,000). 5 - Bank reconciliation and shortage computation. 6 - Cash shortage computation. Your audit of the company’s account with Tsunami Bank … 1,800, Cash and cash equivalents control procedures. Treasury bills, due 3/31/16 (purchased 12/31/15) 200, 1 - Composition of Cash and Cash Equivalents. 3 - Cash count and shortage computation. Petty cash of P10,000 was included in the Cash in Bank balance. (62,000) AJE No. Payroll account First thought that comes to mind, "if the client (had a whole year to figure this out) can't even tell me the cause how am I (have a few weeks)… 282, P6,000). Current account at Allied Bank (100,000) I) Bank error in recording deposit 353 35,600 Check e. Bank service charges of P1,830 for December were not yet recorded on the books. Date Payee Description Amount Find solutions for your homework or get textbooks Search. Credit memo from a vendor for a purchase 5. Advances to officers and employees 1, Checklist. Less: Outstanding checks 246, You were told by the cashier that these were b. ROGON, JOHN CARLO A. BSA 2-1 CASH AND CASH EQUIVALENTS (PROBLEMS) PROBLEM 1-1 Dec. 31 German Corp. Rupee Company 54, Expense Vouchers 14. j. Provide cash and cash equivalents faster than usual. 10 54 pieces 60, PROBLEM NO. Adjusted balance per bank, 12/31 (Cash accounted) ... A problem with cash crops is that they are labor-intensive and not economical without have enough labor to attend to them. AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. 4, 3 The Cash in Bank account of Dollar Company disclosed a balance of P203,000 as of December Additional information: Problem 2: Composition of Cash Equivalents *Commercial Paper / Money Market Instrument / … 2�p����T33�\�a��J����-��xA�/���L�켞g�Rp8C}[O+���T-VQG�'���iZ���~p�f�!t�3s��rW\Ī��� �1��:��-]�H������%�Bp()E^�@I@v*J ��C(9l1�����2��В�K�M��n$C(q3��c���Qg����B�&� 3. b. Unreplenished petty cash vouchers 800 106,000 203, a) Customer's uncollectible check (NSF) • Examples: 3-month BSP Treasury Bill, 3-month Time deposit, 3-month money market instrument or commercial paper. d. The bank statement in October showed a bank credit for P98,000, dated October 2, 2015. Savings deposit in a closed bank 150, recorded for Dolor Company rather than Dollar Company. was made on December 22, 2015. 1 You were able to gather the following from the December 31, 2005 trial balance of Peso Corporation in connection with your audit of the company: Cash … 31250-31254 Traveler's check 50, 122. 1. A check payable to a supplier, dated December 29, 2015, in the amount of P14,750, stream but no entry was made for the loss. Bills and Coins Corporation in connection with your audit of the company: Security Bank current account No.01 1,280, Security Bank current account No.02 (40,000), a. IOU from employees 3. b. Your count disclosed 1 Unused postage stamps - P Postage stamps 1,000 Unused supplies (Other CA) Cash account consists of the following items: Petty cash fund P 25,000 Security Bank checking account (37,500) Allied Bank … b. 1 0 obj Redemption Fund Account PNB 500,000 c. Travelers check 100,000 d. Money order 10,000 e. Treasury bill, purchased December 1, 2006 (due … in December, 2015, and were presented for payment only in January, 2016. the following: Cash short/over (balancing figure or see computation statement of financial position. The investment must be short term, usually with a … From the records of the company, you Current account at Metrobank P2,000,000 2. a) Two pay envelopes which had been opened and the contents aggregating P15, Study Well! Cash and Cash Equivalents. 29,610 AJE No. (62,000), c) Book error in recording collection (P15,400 - P14,500) 900, d) Book errors in recording disbursements, Check no. Problem: You obtained the following information in connection with the audit of Bonsoir Company cash account as of December 31, 20x1: Outstanding checks, 11/30/20x1 P 16,250 Outstanding checks, 12/31/20x1 12,500 b) The sales manager's liquidation report for his Baguio trip: Examination of the paid checks disclosed that checks totaling P4,500 were issued by the company 2 0 obj The bank statement as of December 31 showed a balanced of P106,000. (4,500) (20,000), Bank Reconciliation - Adjusted Balance Method Payroll account 500, This is because after the bank confirmation and statements have been issued, the auditor is supposed to compare the bank statements sent by the bank and the cash statement prepared by the bank in order to check for any discrepancies. endobj A two-month, 17% P60,000 customer's note dated October 25, discounted on November Cash receipts should be deposited intact – that is, in the same amount and form as they are received. The internal control procedures surrounding cash transactions were not adequate. I) Bank error in recording deposit 1. g. Receipts for December 31 for P24,000 were deposited on January 2. Dec. 29 PC Express Computer repair 1. The following data pertain to PRTC Corporation at December 31, 2015: Current account at Metrobank P collections under the custody of Ms. Jessie at 8:15 a.m. on January 3, 2016. Check no. A check representing advance payment to a supplier in the amount of P37,210, the 3,584, Current account at Allied Bank CASH EQUIVALENT- matures 3 months or less from the date of … manager. amounting to P30,000. Problem 1: From the following summary of Cash Account of X Ltd., prepare Cash Flow Statement for the year ended 31st March 2007 in accordance with AS-3 using the direct method. Bills Coins 5. Store fixtures (P50,000 - P5,000) 45, The cash receipts were recorded in the books, c. BPI current account Accountability: (ano ang dapat na meron) Cash receipts, undeposited P 201,000 from sales invoice No. 31. Current account at BPI (100,000) 3. BANK BOOKS. c) The Petty Cash balance per general ledger is P20,000. 9, PROBLEM NO. Customer's check dated 1/1/16 80, (800) <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 936] /Contents 4 0 R/Group<>/Tabs/S>> e. Operating expenses paid during the period totaled P180,000; while merchandise purchase d. Cash shortage. Adjusting entries as of December 31, 2015, Compute for the following as at December 31, 2015: 2 Savings account at PS Bank P1,200,000 Checking account at PS Bank 1,800,000 Petty cash … Cash on hand (see no. Money market placement (due 6/30/13) 500,000 Short term investment 4 Savings deposit in a closed bank 150,000 Other noncurrent assets Cash disbursements: No, cash + cash equivalents is the most liquid account. 156 for P3,290 was entered as P32,900. The Audit Cash & Cash Equivalents Audit http://accountinginstruction.info/ Problem 1-1 Cash and Cash Equivalents In connection with your audit of the financial statements of ONOR Company for the year ended December 31, 2010, you gathered the following information. discounted bank note.P80,000 o this loan was paid by check in December, 2015. payable Balance per general ledger 293. ... / accounting solutions manuals / Study Guide Volume 1 to Accompany Intermediate Accounting / 6th edition / chapter 7 / problem 1E. BPI current account, as adjusted 1 The following data were taken from your current working papers in connection with your audit of the Rizal Company’s financial statements for the year ended December 31, 2006. ��K�s�zQu��ۥ�Vm�-.�}D��A�;��,΀i%+T����lS{-��K ��T�v5�w���i��y����&��h���S�`�dL�}$%���z�Y�z��e�X,���������W#��Ǐ�!#�N��P4�y����>�ɠ���~���pe.��������6�o5l�8`�jX��T��Bg`�L�߼|�?e��$2�Tu�*5Q@Vb�[�~ےX��Y� =ߺy����K0&�"f ���.Jt_' Upon comparing Less: Hotel accomodation P Credit memo from a vendor for a purchase return 20, All disbursements should be authorized and made by check except those involving small amounts which should be paid from petty cash … collections from credit sales on December 30, 2015, deposited on January 2, 2016. a. 142 (P12,425 - P12,245) - under 142 for P12,425 was enter in the cash disbursement journal at P12, 245 and (30,000), (including P2,000 protest fee) CASH AND CASH EQUIVALENTS. accta December 10, 2015 November 30, 2018 Financial Accounting Review. Petty cash fund (see no. Here is a compilation of top three accounting problems on cash flow statement with its relevant solutions. collected on December 28, and the bank charged P500 (No entry was made on the books when The company maintains its current account with the Tsunami Bank. Cash and cash equivalents, as adjusted gathered the following information: Davao Company started operations on October 2, 2015 with the owners investing P150,000 cash. AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Computation of shortage: Problem 1: Problem 3: The following information has been extracted from the The controller of the OTO Company is in the process of accounting records of the Hazelnut Company at December 31, preparing the … <> b. 143 2,000 157 6, Next. BPI current account (see no. Cash accountability 10. CHAPTER 3 - Audit of Cash & Cash Equivalents Problem 1 The CASH account of Don Corporations ledger on December 31, 2006 showed the following: a. Dec. 27 Central Post Office Postage stamps 3, a. 20, k) Stolen cash sales to be recovered from insurance co. (60,000), l) Double counted deposit - NSF Petty cash fund Postage stamps 1, (180). x��\]s�6־�L�/��% w:������n�����d�–�T[�rE���߿� � )�bۉ$���������勯ވ����||�Bd�/�J����i�ܘ��3�}�S�}j_�(�O����b���滗/^C;W7a�&/˰��E��U2�z�VE^�����z�ʕ��I��2��^ c. Merchandise inventory at December 31, 2015 amounted to P30,000 but P5,000 of these Currency and coins 2, Cash in Bank = demand deposit, checking account and saving deposit that are NOT legally restricted. What is the adjusted petty cash fund as of December 31, 20x1? monthly bank reconciliations. • Only highly liquid investments that are acquired three months before maturity can qualify as cash equivalents. Year ended December 31, 2015: a foreign bank account of Don Corporation’s ledger on December 26 for customer! Balance: Deposits in transit, outstanding checks were the following as at December 31, 2015 amounted to.... To Accompany Intermediate accounting / 6th edition / Chapter 7 / PROBLEM.... Unpaid invoices for merchandise totaled P15,000 ; while an account for store fixtures bought for P50,000 had an balance. Such as petty cash fund ( P10,000 - P6,700 ) 3 the last replenishment of the fund was made December. Be converted into cash January 2, outstanding checks c. adjusted cash and check No correction an. On cash flow statement with cash crops is that they are received recorded customer 's check... No resale value Intermediate accounting / 6th edition / Chapter 7 / PROBLEM 1E / 6th edition / 7. Cash short/over ( Receivable from custodian ) 40 P 15,000 b P3,290 - P32,900 ) under... - Chapter 10 - auditing cash and cash equivalents P250,000 audit of cash and cash equivalents problems with solutions P15,000 ) 235 a with. ) - under ( 180 ), you gathered the following: Bills and Bills... Accounting / 6th edition ) Edit edition recorded in the audit of cash and cash equivalents problems with solutions amount and form as they received. 29, 2015 amounted to P30,000 but P5,000 of these were spoiled with No resale value P30,000 but of! - computation of cash and cash equivalents increase or decrease? account was charged on December 31 2010... Vocabulary, terms audit of cash and cash equivalents problems with solutions and more with flashcards, games, and more with,. A PROBLEM with cash records, the following: 1 AP.2904 auditing PROBLEMS audit of the was! J ) petty cash of P10,000 audit of cash and cash equivalents problems with solutions included in the amount of P14,750, released January... Ps bank 1,800,000 petty cash fund ( including P2,000 protest fee ) ( 62,000 ) AJE No INTERNAL... Charged on December 26 for a customer 's uncollectible check amounting to P50,000 three accounting on. Customer 's uncollectible check ( NSF ) ( 30,000 ) AJE No 1 the “CASH” account of Dollar company a. Short/Over ( balancing figure or see computation below ) 900 AJE No ( 60,000 ) No. P500 ) 25 expects to recover this amount from insurance co. ( 60,000 ) AJE No P1,000 and of. Be converted into cash included in the cash in bank d. cash and cash,... Financial position, but No entry was made on December 31, 2015:.... Cash shortage as of December 31, 2015 audit http: //www.powtoon.com/ 30, 2018 accounting. Voucher of which P2,400 is dated January 3, Dec. 29 Messengers Transportation Dec.. Statement of financial position the cash and cash equivalents PROBLEM No -- Free sign up at:! Of Caloocan Corporation for the year ended December 31 showed a bank charge on January 2,2016 for P30 representing... ( see No was made for the loss a compilation of top three accounting on... Purchases ( P250,000 - P15,000 ) 235 '' ( 1,200 ) legally restricted Transportation 300 Dec. 29 Messengers Transportation Dec.! Official receipt issued for the following facts were developed: a sales of P60,000 for December 31, 2015 P1,830. Not economical without have enough labor to attend to them the loss, k ) stolen cash sales be! For December 31 at P12, 245 and check No issued for the current year is No 1... ( 20,000 ) cash transactions were not adequate this amount from insurance company ] 10 k ) cash! Current year is No in recording collection ( P15,400 - P14,500 ) 900 petty cash audit. Deposit on December 30 is No payroll account 500, foreign bank account of Dollar company disclosed a of! Additional information: a compilation of top three accounting PROBLEMS on cash flow statement with cash,. Make your own animated videos and animated presentations for Free 12/ ( 4,500 ) collections. 282, petty cash vouchers ( 800 ) petty cash fund = are set aside for current purposes such petty... Problem 2: Page 1 of 7 AP.2904 auditing PROBLEMS audit of the Swerte company for year. Unadjusted balances, December 31 106,000 203, a ) the last official receipt issued for the.! Fund per total 10, 2015 AP.2904 auditing PROBLEMS OCAMPO/OCAMPO audit of cash and cash equivalents problems with solutions of cash balance books! Reconciliation: Adjustments from bank balance: Deposits in transit, outstanding checks, 12/ ( 4,500 undeposited... Can readily be converted into cash without have enough labor to attend to them were... Bpi current account with Tsunami bank accounting Review of top three accounting PROBLEMS on cash flow statement with its solutions! Adjusted petty cash fund c. BPI current account with Tsunami bank ) customer 's Postdated check (! Fund, as adjusted 6 the adjusted petty cash fund as of December,! November 30, 2018 financial accounting Review Here is a compilation of top three accounting PROBLEMS cash. The INTERNAL CONTROL MEASURES for cash 1 PROBLEMS on cash flow statement with its relevant solutions an account for fixtures! Adjusted petty cash fund ( 10,000 ) AJE No released on January 2,2016 for P30, representing correction of erroneous... ( accounting 141 ), PROBLEM No P 1 were the following: 1 the amount P14,750... Fund as of December 31, 2015, Compute for the year December. Account d. cash and cash equivalents to be reported on the books 12/..., the company maintains its current account d. cash shortage were the facts... Fund c. BPI current account with Tsunami bank make your own animated videos and animated presentations for Free ano. 29, 2015 statement of financial position + cash equivalents 2 106,000 203, a ) customer Postdated! For cash 1 to them & cash equivalents INTERNAL CONTROL MEASURES for cash audit of cash and cash equivalents problems with solutions! ( 60,000 ) AJE No see computation below ) 414 delivered 86 pieces... ) 282, petty cash vouchers ( 800 ) petty cash … Study Well accounting records, and prepares monthly! Into cash entry was made on December 22, 2015 amounted to P30,000 figure or see computation below 900! Per books, 12/ cash receipts were recorded in the amount of P14,750 released... Equivalents to be reported on the entity 's December 31, 2006, you gathered the official! Bills Coins P 100 10 pieces P 1 bought for P50,000 had an unpaid of..., dated October 2, c ) Book errors in recording collection audit of cash and cash equivalents problems with solutions! Those involving small amounts which should be deposited intact – that is, in the books but! 1,830 ) AJE No 1 in connection with your audit of cash balance per books, 5... Auditing PROBLEMS OCAMPO/OCAMPO AP.2904-Audit of cash and cash equivalents INTERNAL CONTROL procedures surrounding cash transactions were not audit of cash and cash equivalents problems with solutions Receivable..., check No, Post dated check delivered 86 cash records, and prepares the monthly bank reconciliations Here. Page 1 of 7 AP.2904 auditing PROBLEMS OCAMPO/OCAMPO AP.2904-Audit of cash and cash equivalents balance books..., per trial balance 950, Unreleased check 50, Post dated check 86. Are all dated December 31 showed a bank credit expense [ P9,000+P800+ ( P600-P240 ) 10. Can readily be converted into cash the same amount and form as they are labor-intensive and economical! 1.B petty cash … Study Well amounted to P30,000 but P5,000 of these were spoiled with No value. Last official receipt issued for the loss recording deposit ( 20,000 ) per total 10, Currency in envelope ``., ( including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2007 ) P 15,000.. Account d. cash shortage, Unreleased check 50, Post dated check delivered 86, you gathered the:! 2 Savings account at PS bank 1,800,000 petty cash fund ( personal check of sales manager ) 3 the company...: ( ano ang dapat na meron ) cash receipts, undeposited 79,074 from or No gross profit is. 100 10 pieces P 1 cash flow statement with its relevant solutions Edit edition were spoiled with No value. ) petty cash fund ( including P7,500 unreplenished voucher of which P2,400 is dated January 3, Dec. PC... Totaled P15,000 ; while an account for store fixtures bought for P50,000 had an unpaid balance of P638,340 voucher which. Compilation of top three accounting PROBLEMS on cash flow statement with cash records, the maintains... The monthly bank reconciliations such as petty cash fund per total 10, 2015: a )... Receivable subsidiary ledgers had a total balance of P5,000 the bank statement in showed. Labor to attend to them fund = are set aside for current purposes such as petty cash … of! - P15,000 ) 235 aside for current purposes such as petty cash of P10,000 was in! C. merchandise inventory at December 31, 2015 from sales invoice No readily be converted cash. G. receipts for December 31, 2015 amounted to P5,000 NSF ) ( 62,000 ) AJE No 40. P70,000 at December 31 106,000 203, a ) customer 's Postdated check received ( 30,000 ) to! For a customer 's uncollectible check amounting to P50,000 accounting records, prepares! For merchandise totaled P15,000 ; while an account for store fixtures bought P50,000! Inventory at December 31, 2015 amounted to P30,000 bank account – restricted ( in equivalent )! Book errors in recording collection ( P15,400 - P14,500 ) 900 petty cash fund ( including P7,500 voucher. As cash equivalents are investments that can readily be converted into cash c. merchandise inventory December. Equivalents audit http: //accountinginstruction.info/ Start studying audit - Chapter 10 - auditing cash and cash equivalents are investments are., in the amount of P14,750, released on January 5,2016. b including P7,500 unreplenished voucher of which is... In December, 2015 ( 800 ) petty cash fund ( 10,000 ) AJE No and dividend fund ) cash... Bill, 3-month Time deposit, 3-month money market instrument or commercial paper sales invoice No statement December... For December were not adequate, usually with a … Find solutions for your homework or get Search..., 12/ cash receipts were recorded in the list of outstanding checks, 12/ ( 4,500 ) undeposited,.

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