A. The auditor for Ang Petty Co. examined the petty cash fund immediately after the close of
business, December 31, 2023, the end of company’s natural business year. The petty cash
custodian presented the following during the count:
Currency
P 1,650
Petty cash voucher:
Postage
420
Office supplies
900
Transportation
340
Repairs & maintenance
800
Advances to office staff
1,500
A check drawn by Glaives, payable to the petty
cash custodian
Postage stamps
An employee check, returned by bank, marked
NSF
An envelope containing currency for a gift for a
retiring employee
7,200
300
1,000
1,890
The general ledger shows an imprest petty cash fund balance of P 16,000.
1. How much is the petty cash shortage or overage?
2. What is the adjusted balance of petty cash fund at December 31, 2023?