Answered: C32 The petty cash fund of Y Company…

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter5: Cash Control Systems

Section: Chapter Questions

Problem 4AP

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MC32

The petty cash fund of Y Company at the end of the fiscal year ended June 30, 2020, is composed of the following:

Currencies — P3,800

Coins — P1,200

Paid vouchers:

Office supplies — P1,750

Postage stamps — P2,000

Loans to employees — P6,000

Check drawn by the manager, returned by bank marked "NSF." — P2,750

Check drawn by the company, payable to the order of the petty cash custodian, representing her salary — P12,500

The amount of petty cash fund that should be shown on the statement of financial position at June 30, 2020 of Y Company is ( with solution)

a. P5,000

b. P17,500

c. P20,250

d. P30,000

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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