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POSTED IN PETTY CASH, PART 3

Petty Cash, Part 3

PART III – Weird items sa petty cash and their appropriate treatments

Acceptance Check – pag nagpasweldo yung kumpanya, minsan cheke. Ngayon, yung mga trabahador, minsan
tinatamad magpunta sa banko para i-cash yung cheke nila. So ang ginagawa, lumalapit kay petty cash custodian. So, si
petty cash custodian naman, tinatanggap, ina-“accept” yung cheke nila at pinapalitan. Kaya acceptance Check. Tanda
to ng mahinang internal control. Usually, ang acceptance check, due and demandable yan so pede narin sya iconsider
as Cash in Petty cash (parehas ng treatment sa bills and coins) kasi kahit anong oras pede ipapalit sa bank. UNLESS
sinabing post dated yung cheke or tumalbog yung Check.

Postdated Check – yun ung mga cheke na pinapapalitan sa petty cash (tigas ng ulo no, bawal nga to eh) na hindi pa
due and demandable so, Receivable parin sya.

NSF Check – eto ang malupet, pinapalitan na yung cheke sa petty cash tapos bigalng tumalbog. Syempre, Receivable
sya dun sa nagpapalit ng Cheke.

Postage Stamps – syempre Prepaid expense yan. Hindi yan considered as cash in petty cash na tulad ng bills and
coins. Baket, pag bumili ka ba ng kendi kina aling nena, papayag sya na ibayad mo yung Stamp? Diba hindi? So, prepaid
expenses siya.

Certified Check – certified naman yung cheke, kikilanin ng bank so due and demandable sya so, Cash in Petty Cash
sya.

Birthday/ Wedding envelope – see explanation above:

Empty – ibawas sa bills and coins kasi malamang napahalo yun dun
May laman – ignore mo lang

Expense vouchers – hindi naman weird to. Dapat talaga nag-iisue ng voucher yung petty cash custodian every
disbursement para alam kung saan ginagastos.

IOU – simply stated “I Owe You” or “vale”. Narinig mo na ba yung “babale muna ako”, or “bumale ka muna”. Yun ung
VALE (pronounced as va-le not veyl). Simply put, umutang ang Empleyado. So, Receivable sya.

Hindi all-inclusive to ah. baka may hindi pa ako namention. Kung meron pa, just post it here, papaliwanag ko kung ano
yun.

eto ang inyong kuya CPA, joseph!

Post lang ng tanong!

December 2, 2009  2 Replies

Congratulations to the Graduates of Year 2011!

God bless you all, you made your family and friends proud! Good luck to your upcoming review, CPA Exams, and career!

NEW Problem Test Page

I created a new page called "Problem Tests". I'll post problems, subukan nyong sagutin. Post nyo yung sagot nyo by
commenting doon sa page na yun. :) Minsan, ididiscuss ko din yung mga items na nandun sa Lectures ko.

Kuya Joseph’s Mini Lectures

NAGBABALIK!!!

Ako po ay nagbabalik at nangangakong madalas na magrereply! Maglalaan na ko ng oras sa blog ko po para mas marami
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Sa mga nagtanong noong nakaraan na hindi ko nasagot, nais ko pong hingiin ang inyong paumanhin at paunawa, masyado
lamang po ako busy noon at hindi nakapaglaan ng oras.

Nung nabasa ko yung mga comments nyo kasi, medyo nakunsensya ako at nainspire na maglaan ng oras para sa blog
despite the busy schedule :P

Salamat po!!

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Thanks!!

IMPORTANT NOTE

Hello po! To those submitting questions, as much as possible, please quote the source of the problem if you got it from a
book (title of the book/author) to avoid plagiarism.

Just so you all know, I either compose my own problems or I get from books and quote the source.

I hope you understand that it is not my intention to use other people's work in this site without proper recognition and that I
don't get any monetary compensation or any form of benefit in doing this blog. I do out of passion in teaching and
accounting. :)
Paunawa :D

Sorry talaga kung hindi po ako nakakapagpost recently, I've been very busy for the past couple of months. I promise I'llpost
new lectures as soon as I can. :D Always check the "recent comments" or the "recent posts", usually lumalabas dun pag may
comments ako naaapprove at nagrereply ako sa mga katanungan. Thanks!!

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Recent Posts

Error Correction (Sample Problem) – counterbalancing errors

Adjusting Entries questions
Deposits in Transit & Outstanding Checks
Operating Lease
Accrual to Cash Accounting
Interest Expense
Notes Receivable/Payable
Cash (bank recon and cash shortage) – audprob sample problem

Notice po sa lahat

Hello po sa lahat, let's try to maintain a good academic atmosphere in this blog by observing correct usage of punctuations
and capitalization of letters. Di naman ako strict sa grammar(sentence construction) kasi informal naman discussions natin
dito at taglish, yung sa punctuations and caps lang. Minsan kasi mahirap intindihin yung mga punctuations and caps.

Salamat po!!

Bagong Queries Page

If your question does not relate to any of the topics I have published, you can post your question on the Queries Page (yung
tab na katabi ng "About").

Sorry talaga kung di ako masyado nakakareply ngayon, medyo busy kasi pero soon enough, I'll be able to answer your
questions po. Nababasa ko po yung mga pinopost nyong tanong at isa-isa ko sila ginagawaan ng lecture.
Categories

Accounts Receivable (with sample problem)

Accrual to Cash Accounting
Adjusting Entries
Adjusting Entries, Part II
Adjusting Entries, Part III
Adjusting Entries, sample problems
AR Impairment
AR Impariment Follow-up
Backflush Costing
Cash & Non-Cash Items
Cash (bank recon and cash shortage) – Audprob sample problem
Cash – Sample Problem
Closing Entries
Costs and Expenses in a Business
CVP, Breakeven, Differential Analysis
Deposits in Transit and Outstanding Checks
Differential Income Analysis (follow-up)
Error Correction (Sample Problem) – counterbalancing errors
Intangible Asset
Intangible Assets (Goodwill, explained)
Interest Expense (and some aud prob advices)
Interest Question
Inventory – Periodic and Perpetual Inventory Method
Investments (Q&A's with Alexis' contribution :) )
Kiting, Explained (audit of cash)
Margin of Safety
Merchandising & Manufacturing
Notes Receivable / Payable
NSF Check and Bank Error treatment in Proof of Cash (for aud prob ppol)
Operating Lease
Petty Cash, Part 1
Petty Cash, Part 2
Petty Cash, Part 3
Postal Cash/Money Order
Proof of Cash
Receivable: Factoring
Receivable: Factoring (with questions)
Receivables Questions and Answers
Reversing Entries
Uncategorized
Warranty Liability (part 1)
Warranty Liability (part 2)
Warranty Liabilty (part 3)

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