On January 3, 2020, you conducted a surprise count in connection with your audit of the financial statements of STU Corporation for the year ended December 31, 2019. The following were identified on your examination: Bills consist of one (1) P1,000 bill; three (3) P500 bill; three (3) P200 bill; six (6) P100 bill; seven (7) P50 bill; and four (4) P20 bill. Coins consist of nine (9) P10 coin; eight (8) P5 coin; and seven (7) P1 coin. Checks include the following: Date Dec. 30 Dec. 30 Dec. 30 Dec. 31 Maker Melbourne Geebson Perth Inc. Brisbane Co. STU Corp. Payee STU Corp. STU Corp. STU Corp. Adelaide, Custodian Amount P13,000 5,000 7,000 10,000 Unreimbursed vouchers comprise of the following: Description Postage Transportation Computer repairs Supplies Date Amount P1,000 2,000 1,500 800 Dec. 27 Dec. 27 Dec. 28 Dec. 30 Additional Information: An open envelope was marked "P2,000 for Christmas Party" with vouchers totaling to P1,850. Based on your inquiry, the whole amount was mingled with the petty cash fund and only the expense vouchers were inserted back to the envelope. b. Official receipts dated December 24 to December 31 were as follows: а. Form of Payment Cash OR No. Amount P566 120141 Check 7,000 891 120142 Cash Check 120143 12,000 13,000 5,000 120144 120145 Check 120146 Check The custodian is not authorized to cash checks d. Cash collections from December 24 to December 31 were not yet deposited Unused postage stamp amount to P350 f. с. е. The last replenishment was on December 25. The petty cash fund was set up at P20,000
On January 3, 2020, you conducted a surprise count in connection with your audit of the financial statements of STU Corporation for the year ended December 31, 2019. The following were identified on your examination: Bills consist of one (1) P1,000 bill; three (3) P500 bill; three (3) P200 bill; six (6) P100 bill; seven (7) P50 bill; and four (4) P20 bill. Coins consist of nine (9) P10 coin; eight (8) P5 coin; and seven (7) P1 coin. Checks include the following: Date Dec. 30 Dec. 30 Dec. 30 Dec. 31 Maker Melbourne Geebson Perth Inc. Brisbane Co. STU Corp. Payee STU Corp. STU Corp. STU Corp. Adelaide, Custodian Amount P13,000 5,000 7,000 10,000 Unreimbursed vouchers comprise of the following: Description Postage Transportation Computer repairs Supplies Date Amount P1,000 2,000 1,500 800 Dec. 27 Dec. 27 Dec. 28 Dec. 30 Additional Information: An open envelope was marked "P2,000 for Christmas Party" with vouchers totaling to P1,850. Based on your inquiry, the whole amount was mingled with the petty cash fund and only the expense vouchers were inserted back to the envelope. b. Official receipts dated December 24 to December 31 were as follows: а. Form of Payment Cash OR No. Amount P566 120141 Check 7,000 891 120142 Cash Check 120143 12,000 13,000 5,000 120144 120145 Check 120146 Check The custodian is not authorized to cash checks d. Cash collections from December 24 to December 31 were not yet deposited Unused postage stamp amount to P350 f. с. е. The last replenishment was on December 25. The petty cash fund was set up at P20,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable
Section: Chapter Questions
Problem 12C
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Question
What is the total amount of shortage/overage?
Transcribed Image Text:On January 3, 2020, you conducted a surprise count in connection with your audit of the financial
statements of STU Corporation for the year ended December 31, 2019. The following were identified
on your examination: Bills consist of one (1) P1,000 bill; three (3) P500 bill; three (3) P200 bill; six (6)
P100 bill; seven (7) P50 bill; and four (4) P20 bill. Coins consist of nine (9) P10 coin; eight (8) P5 coin;
and seven (7) P1 coin.
Checks include the following:
Date
Maker
Payee
STU Corp.
STU Corp.
STU Corp.
Adelaide, Custodian
Amount
P13,000
5,000
7,000
10,000
Dec. 30
Melbourne Geebson
Dec. 30
Perth Inc.
Dec. 30
Brisbane Co.
Dec. 31
STU Corp.
Unreimbursed vouchers comprise of the following:
Date
Description
Postage
Transportation
Computer repairs
Supplies
Amount
P1,000
2,000
1,500
800
Dec. 27
Dec. 27
Dec. 28
Dec. 30
Additional Information:
An open envelope was marked "P2,000 for Christmas Party" with vouchers totaling to P1,850.
Based on your inquiry, the whole amount was mingled with the petty cash fund and only the
expense vouchers were inserted back to the envelope.
b. Official receipts dated December 24 to December 31 were as follows:
а.
OR No.
Form of Payment
Amount
120141
Cash
P566
Check
7,000
891
120142
120143
Cash
Check
12,000
13,000
5,000
120144
120145
Check
120146
Check
с.
The custodian is not authorized to cash checks
Cash collections from December 24 to December 31 were not yet deposited
Unused postage stamp amount to P350
f.
d.
е.
The last replenishment was on December 25. The petty cash fund was set up at P20,000
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