SM Investments Corporation had the following account balances at December 31, 2019: Cash on hand and in bank P2,500,000 Cash restricted for bonds payable due On June 30, 2020 1,000,000 Time Deposit 3,000,000 Savings deposit set aside for dividends Payable on March 31, 2020 500,000 * The cash in bank included a customer’s check of P50,000 outstanding for 16 months. * Check of P80,000 in payment of accounts payable was dated and recorded on December 31, 2019 but mailed to creditors on January 12, 2020. * Check of P20,000 dated January 31, 2020 in payment of accounts payable was recorded and mailed December 31, 2019. *The reporting period is the calendar year. The cash receipts journal was held open until January 15, 2020 during which time P 100,000 was collected and recorded on December 31, 2019. In the current assets section of SM’s December 31, 2019 balance sheet, the amount reported as cash and cash equivalents is __________
SM Investments Corporation had the following account balances at December 31, 2019:
Cash on hand and in bank P2,500,000
Cash restricted for bonds payable due
On June 30, 2020 1,000,000
Time Deposit 3,000,000
Savings deposit set aside for dividends
Payable on March 31, 2020 500,000
* The cash in bank included a customer’s check of P50,000 outstanding for 16 months.
* Check of P80,000 in payment of accounts payable was dated and recorded on December
31, 2019 but mailed to creditors on January 12, 2020.
* Check of P20,000 dated January 31, 2020 in payment of accounts payable was recorded
and mailed December 31, 2019.
*The reporting period is the calendar year. The cash receipts journal was held open until
January 15, 2020 during which time P 100,000 was collected and recorded on December
31, 2019.
In the current assets section of SM’s December 31, 2019 balance sheet, the amount reported
as cash and cash equivalents is __________
Problem 6
The December 31,2019
accounts:
Cash on hand P 500,000
Petty cash fund 20,000
Security bank current account 1,000,000
Metrobank current account #1 400,000
Metrobank current account #2 ( 50,000)
BSP treasury bill – 60 days 3,000,000
BPI time deposit - 30 days 2,000,000
• The cash on hand includes a customer postdated check of P100,000 and postal money
order of P40,000.
• The petty cash fund includes unreplenished petty cash vouchers for P2,000 and an
employee check for P3,000 dated January 31,2020.
• A check for P200,000 was drawn against Security bank account, dated January 15,2020,
delivered to the payee and recorded December 31,2019.
• The BPI time deposit is set aside for acquisition of land to be used as a factory site.
The correct amount of “cash” to be reported in the
December31,2019 is _________.
Problem 7
The petty cash fund of Bianca Company on December 31, 2019 is composed of the following:
Coins and currencies 17,000
Petty cash vouchers
- Gasoline 1,000
- Supplies 2,000
- Cash advances to employees 3,000
Employee’s check returned by bank marked NSF 4,000
Check drawn by the company payable to the order of the petty cash
custodian, representing salary for the month 18,000
A sheet of paper with names of employees together with contribution
for a birthday gift of a co-employee in the amount of 5,000
Total 50,000
The petty cash ledger account has an imprest balance of P50,000.
The correct amount of petty cash to be shown in the statement of financial position on
December 31, 2019 is _________.
The amount of cash short of over debited is _________.
The amount of replenishment check is _________.
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