Petty cash fund (malupit na formula)

Cash count/Accounting to the fund:

Currency and coins Pxxx

Checks representing collections (dated and postdated) xxx
Check for disbursements (entrusted to the custodian) xxx
Properly approved petty cash vouchers evidencing payments xxx
IOUs with no supporting vouchers xxx
Total per count Pxxx

Cashier’s accountability/per book/receipts/record:

Imprest balance of the cash fund Pxxx

Checks or money items for payment to another xxx
Collections temporarily handled by the custodian
for remittance to the the general cashier xxx
Other collections handled by the custodian xxx
Cashier’s accountability Pxxx

On computing of cash variance:

Total per count Pxxx
Cashier’s accountability xxx
Cash Shortage or (Overage) Pxxx
I. A count of the petty cash fund on January 3, 2016 revealed the following composition:

Bills and coins P7,300.00

Vouchers:
December 2015 dates 850.00
January 2016 dates 200.00
IOUs (all dated December 2015) 4,200.00
Employee's check dated December 27, 2015 2,800.00
Employee's check dated January 14, 2016 4,250.00
Unsigned pay envelope payable to an employee
(the envelope has been opened and the money
has been removed) 5,000.00

The balance of petty cash fund per books is P 15,000.

How much is the cash shortage or overage. Indicate whether shortage or overage.

What is the correct amount of petty cash fund to be shown on the statement of financial position
as of December 31, 2016?

II. Your cash count of the Petty Cash Fund and undeposited collections as of that date showed
the following:
Currency and coins P6,400.00
Expense vouchers 3,000.00
Employees' IOUs 5,500.00
Customers' checks in payment of accounts 4,800.00
Total P19,700.00
The amount of Petty Cash Fund per general ledger is P15,000. Upon comparing the official
receipts with the bank validated deposit slips, you noted that P5,500 was not yet deposited to
the bank.

What is the amount of cash shortage. Indicate whether shortage or overage.

What is the amount of Petty Cash Fund to be shown on December 31, 2016 statement of financial
position?
Comprehensive Problem part 1

The count of petty cash fund of the Chico Company at 8:00 AM on January 5, 2016 revealed the
following:

Currency and coins P8,000

Employees' checks encashed from the fund

on December 29, 2015(Audit Note 1):
Dated December 29, 2015 P500
Dated January 2, 2016 500 1,000

Petty cash vouchers for transportation expense

Dated December 20, 2015 1,000
Dated January 4, 2016 1,000 2,000

Contributions from employees for the fire

victims (money found inside the envelope) 2,000

Advance for travel expenses of two salesmen

given on December 28, 2015 2,000
Total

Audit Notes:
1. Both checks were verified to have been bank Petty Cash Custodian on January 6, 2016.
2. Petty Cash Fund of P15,000 is part of the Cash account in the general year at year end.

How much is the cash shortage or overage on the surprise count of petty cash fund?

What is the amount of Petty Cash Fund to be shown on December 31, 2016 statement of financial
position?
Suggested Answers:

I. Cash shortage P400; Petty cash fund P5,300

II. Cash shortage P800; Petty cash fund P5,700
Comprehensive problem part 1. Cash shortage P2,000; Petty cash fund P9,500