SALLAN, DONNA ANDREA D.
ACC03A
PROBLEM #1
1. Dec. 31
Accounts Receivable
150,000
Cash on Hand
150,000
#
Expenses
10,000
Receivable from Employee
5,000
Petty Cash Fund
15,000
#
2. Cash on Hand
850,000
Petty Cash Fund
35,000
Security Bank current account
2,000,000
PNB current account
1,500,000
Bond sinking fund
2,500,000
TOTAL CASH AND CASH EQUIVALENT 6,885,000
Cash on Hand
1,000,000
Postdated customer check
(150,000)
Adjusted Cash on Hand
850,000
Petty Cash Fund
50,000
Unreplenished Petty Cash Fund
(10,000)
Postdated employee check
(5,000)
Adjusted Petty Cash Fund
35,000
3. - Since the BDO current account has an overdraft, it was excluded since it comprises as a current liability.
- Treasury bills issued by the BSP are not recognized as cash or cash equivalents because they mature in
excess of 3months but within a year, instead, they are categorized as temporary investments.
- Despite the fact that the BPI time deposit matures in 90 days, it is not considered as cash or cash
equivalents because it was set aside for land acquisition.
PROBLEM #2
1. Cash on Hand
150,000
Petty Cash Fund
5,000
Philippine Bank current account
5,070,000
City Bank current account No. 1
4,000,000
City Bank current account No. 2 (overdraft)
(100,000)
Asia Bank saving deposit
250,000
Asia Bank time deposit, 90days
2,000,000
TOTAL CASH AND CASH EQUIVALENTS
Cash on hand
200,000
NSF customer check
(35,000)
Postdated customer check
(15,000)
Adjusted cash on hand
150,000
Petty Cash Fund - Currency and coins
11,375,000
5,000
Philippine Bank current account
5,000,000
Undelivered company check
25,000
Postdated company check delivered
45,000
Adjusted balance
2. Dec. 31
Accounts Receivable
5,070,000
35,000
Cash on hand
35,000
#
Receivable from Officer
2,000
Expenses
12,000
Cash short
1,000
Petty cash fund
15,000
#
Philippine Bank Current
25,000
Accounts Payable
25,000
#
City Bank Current
Bank overdraft
45,000
45,000
PROBLEM #3
IMPREST FUND SYSTEM
May 2
Petty cash fund
10,000
Cash in bank
10,000
#
29
Postage
1,000
Supplies
3,000
Transportation
2,500
Miscellaneous Expense
1,500
Petty cash fund
8,000
#
June 30
Supplies
2,000
Postage
1,000
Transportation
1,000
Petty Cash Fund
4,000
#
July 1
Petty cash fund
4,000
Supplies
2,000
Postage
1,000
Transportation
1,000
# To reverse the adjustment made on June 30
July 15
Petty cash fund
5,000
Supplies
3,500
Postage
1,500
Transportation
1,500
Miscellaneous Expense
500
Cash in bank
12,000
#
FLUCTUATING FUND SYSTEM
May 2
Petty cash fund
Cash in bank
#
10,000
10,000
29
Postage
1,000
Supplies
3,000
Transportation
2,500
Miscellaneous Expense
1,500
Petty cash fund
8,000
#
Petty cash fund
8,000
Cash in bank
8,000
#
June 30
Supplies
2,000
Postage
1,000
Transportation
1,000
Petty cash fund
4,000
#
July 15
Supplies
1,500
Postage
500
Transportation
500
Miscellaneous Expense
500
Petty cash fund
3,000
#
Petty cash fund
Cash in bank
#
12,000
12,000
PROBLEM #4
1. 2021
Dec. 1
Petty Cash Fund
10,000
Cash in Bank
10,000
#
20
Selling Expenses
5,000
Miscellaneous Expenses
2,000
Equipment
2,000
Cash in Bank
9,000
Postdated employee’s check
2,000
Selling Expenses
1,500
#
Dec. 31
Transportation
500
Petty Cash Fund
4,000
#
2022
Jan. 1
Petty Cash Fund
4,000
Receivable from Employee
2,000
Selling Expense
1,500
Transportation
500
# To reverse the adjustment made on December 31, 2021
15
NO ENTRY
31
Distribution Cost
2,000
Administrative Expenses
2,000
Transportation
1,500
Payment for Supplier’s invoice
1,200
Cash in bank
#
6,700
2. Petty Cash Fund, December 1, 2021
10,000
Less: Petty Cash Expenses
Distribution Costs (1,500 + 500)
2,000
Administrative Expenses
2,000
Transportation Expenses (500 + 1,000)
1,500
Payment for Supplier’s Invoice
1,200
PETTY CASH BEFORE REPLENISHMENT
(6,700)
3,300