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I.
Composition of cash and cash equivalents in connection with your audit of HEUD MASTER Corporation for
the year ended December 31, 2022 you gathered the following:
Current account at Metrobank P2,000,000

Current account at BPI (100,000)
Payroll account 500,000
Foreign bank account - restricted (in equivalent pesos) 1,000,000
Postage stamps 1,000
Employee's post dated check 4,000
IOU from controller's sister 10,000
Credit memo from a vendor for a purchase return 20,000
Traveler's check 50,000
Not-sufficient-funds check 15,000
Money order 39,000
Petty cash fund (P4,000 in currency and expense receipts for P6,000) 10,000
Treasury bills, due 3/30 / 11 (purchased 12/29 / 10) 2 200,000
Treasury bills, due 1/31/11 (purchased 2 / 1 / 10) 300.000
COPUTE FOR THE CASH AND CASH EQUIVALENT TO BE REPORTED ON DECEMBER 31
II. You were able to gather the following from the December 31, 2010 trial balance of MASTER HEUD
Corporation in connection with your audit of the company:
Cash on hand P 500,000

Petty cash fund 10,000
BPI current account 1,000,000
Security Bank wrent account No. 01 1,080,000
Security Bank current account No. 02 (80,000)
PNB savings account 1,200,000
PNB time deposit 500,000
Cash on hand includes the following items:
a. Customer's check for P40,000 returned by bank on December 26, 2010 due to insufficient fund but subsequently
redeposited and cleared by the bank on January 8, 2011
b. Customer's check for P20,000 dated January 2, 2011, received on December 29, 2010.
c. Postal money orders received from customers, P30,000.
The petty cash fund consisted of the following items as of December 31, 2010.
Currency and coins P 2,000

Employees' vales 1,600
Currency in an envelope marked "collections for charity" with names attached 1,200
Unreplenished petty cash vouchers 1,300
Check drawn by MASTER HEUD Corporation, payable to the petty cashier 4,000
P10,100
Included among the checks drawn- by MASTER HEUD Corporation against the BPI current account and recorded in
December 2010 are the following.
a. Check written and dated December 29, 2010 and delivered to payee on January 2, 2011, P80,000.
b. Check written on December 27, 2010, dated January 2, 2011, delivered to payee on December 29, 2010, P40,000.
The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance.
These checks were still outstanding at December 31, 2010.
The savings account deposit in PB has been set aside by the board of directors for acquisition of new equipment. This
account is expected to be disbursed in the next 3 months after the end of the reporting period.
DETERMINE THE ADJUSTED BALANCES OF:
CASH ON HAND
PETTY CASH FUND
BPI CURRENT ACCOUNT
CASH AND CASH EQUIVALENTS
III. Shown below is the bank reconciliation for MARRION MASTER Company for November 2010:
Balance per bank, Nov, 30, 2022 P150,000

Add: Deposits in transit 24,000
Total 174,000
Less:
Outstanding checks P28,000
Bank credit recorded in error 10,000 38,000
Cash balance per books, Nov. 30, 2022 P136,000
The bank statement for December 2010 contains the following data:
Total deposits P110,000

Total charges, including an NSF check of P8,000 and a service charge of P400 96,000
All outstanding checks on November 30, 2010, including the bank credit, were cleared in the bank in December 2022.
There were outstanding checks of P30,000 and deposits in transit of P38,000 on December 31, 2022.
COMPUTE FOR THE:
CASH BALANCE PER BANK ON DECEMBER 31, 2022

DECEMBER RECEIPTS PER BOOKS
DECEMBER DISBURSEMENTS PER BOOKS
CASH BALANCE PER BOOKS ON DECEMBER 31, 2022
ADJUSTED CASH BALANCE AS OF DECEBER 31, 2022
IV. The accountant for the MASTER MARRION Company assembled the following data:
June 30 July 31
Cash account balance P 15,822 P 39,745
Bank statement balance 107,082 137,817
Deposits in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge 72 60
Customer's check deposited July 10, returned by bank on
July 16 marked NSF, and redeposited immediately:
no entry made on books for return or redeposit 8,250
Collection by bank of company's notes receivable 71,815 80,900
The bank statements and the company's cash records show these totals:
Disbursements in July per bank statement P218,373

Cash receipts in July per MASTER MARRION's books 236,452
COMPUTE FOR THE:
ADJUSTED CASH BALANCE AS OF JUNE 30

ADJUSTED BANK RECEIPTS FOR JULY
ADJUSTED BOOK DISBURSEMENTS FOR JULY
ADJUSTED CASH BALANCE AS OF JULY 31
CASH SORTAGE AS OF JULY 31
V. MASTER URBINA is reviewing the cash accounting for ABX, Inc. MASTER review will focus on the petty cash
fund account and the bank reconciliation for the month ended May 31, 2021. She has collected the
following information from ABX's bookkeeper for this task.
Petty Cash Fund
1. The petty cash fund was established on May 2, 2021; in the amount of P10,000.
2. Expenditures from the fund by the custodian as of May 31, 2021, were evidenced by approved petty cash vouchers for
the following:
Various office supplies P3,920

IOU from employees 1,200
Shipping charges 2,298
Miscellaneous expense 1,526
On May 31, 2021, the petty cash fund was replenished and increased to P12,000; currency and coin in the fund at that
time totaled P756.
Bank Reconciliation
Shore Bank'
Bank Statement
Disbursements Receipts Balance
Balance, May 1, 2021 350,760

Deposits 1,120,000
Note payment direct from
customer (interest of P1,200)
Checks cleared during May 1,246,00
Bank service charges 1,080
Balance, May 31, 2021 260,880
ABX, Inc.'s Cash Account
P1,246,000 1,080 260,880

Balance, May 1, 2021 P 354,000
Deposits during May 2021 1,240,000
Checks written during May 2021 1,273,400
Deposits in transit are determined to be P120,000, and checks outstanding at May 31 total P34,000. Cash on hand
(besides petty cash) at May 31, 2021, is P9,840
COMPUTE FOR THE:
CASH SHORTAGE
JOURNAL ENTRY TO RECORD REPLENISHMENT OF AND INCREASE IN THE PETTY CASH FUND INCLUDES A CREDIT TO
CASH AS OF MAY 31, 2021

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I.

Current account at Metrobank P2,000,000

COPUTE FOR THE CASH AND CASH EQUIVALENT TO BE REPORTED ON DECEMBER 31

Cash on hand P 500,000

Cash on hand includes the following items:

Currency and coins P 2,000

DETERMINE THE ADJUSTED BALANCES OF:

Balance per bank, Nov, 30, 2022 P150,000

Total deposits P110,000

COMPUTE FOR THE:

CASH BALANCE PER BANK ON DECEMBER 31, 2022

Disbursements in July per bank statement P218,373

COMPUTE FOR THE:

ADJUSTED CASH BALANCE AS OF JUNE 30

Petty Cash Fund

Various office supplies P3,920

Disbursements Receipts Balance

Balance, May 1, 2021 350,760

ABX, Inc.'s Cash Account

P1,246,000 1,080 260,880

COMPUTE FOR THE:

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