MC35 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: Total bills and coins — P1,825 Certified check of general manager dated December 15, 2020 — P1,500 Petty cash vouchers (PCV's) not yet replenished: PCV #7163 Postage stamps — P280 PCV #7164 Supplies — P650 PCV #7165 IOU of employee — P500 Company check representing replenishment of petty cash fund — P5,150 Unused postage stamps — P120 An envelope containing contributions of employees for the death of a fellow employee (contents intact) — P3,000 What is the amount of cash shortage or overage? (with solution) a. P95 shortage b. P25 overage c. P215 shortage d. cannot be determined
MC35 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found: Total bills and coins — P1,825 Certified check of general manager dated December 15, 2020 — P1,500 Petty cash vouchers (PCV's) not yet replenished: PCV #7163 Postage stamps — P280 PCV #7164 Supplies — P650 PCV #7165 IOU of employee — P500 Company check representing replenishment of petty cash fund — P5,150 Unused postage stamps — P120 An envelope containing contributions of employees for the death of a fellow employee (contents intact) — P3,000 What is the amount of cash shortage or overage? (with solution) a. P95 shortage b. P25 overage c. P215 shortage d. cannot be determined
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 2PB: On July 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200. Prepare...
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MC35
Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found:
Total bills and coins — P1,825
Certified check of general manager dated December 15, 2020 — P1,500
Petty cash vouchers (PCV's) not yet replenished:
PCV #7163 Postage stamps — P280
PCV #7164 Supplies — P650
PCV #7165 IOU of employee — P500
Company check representing replenishment of petty cash fund — P5,150
Unused postage stamps — P120
An envelope containing contributions of employees for the death of a fellow employee (contents intact) — P3,000
What is the amount of cash shortage or overage? (with solution)
a. P95 shortage
b. P25 overage
c. P215 shortage
d. cannot be determined
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