The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following: Currencies, P20,000 Coins, P2,000 Petty cash vouchers: - gasoline payments for delivery equipment, P3,000 - medical supplies for employees, P1,000 - repairs of office equipment, P1,500 - loans to employees, P3,500 A check drawn by the entity payable to the order of Grace dela Cruz, petty cash custodian, representing her salary, P15,000 An employee's check returned by the bank for insufficiency of funds, P3,000 A sheet of paper with names of several employees together with contribution for a birthday gift of a co-employee. Attached to the sheet of paper is a currency of P5,000. The petty cash general ledger account has an imprest balance of P50,000. What is the amount of petty cash fund that should be reported in the statement of financial position on December 31, 20XX?
19.
The petty cash fund of Liwanag Company on December 31, 20XX is composed of the following:
Currencies, P20,000
Coins, P2,000
Petty cash vouchers:
- gasoline payments for delivery equipment, P3,000
- medical supplies for employees, P1,000
- repairs of office equipment, P1,500
- loans to employees, P3,500
A check drawn by the entity payable to the order of Grace dela Cruz, petty cash custodian, representing her salary, P15,000
An employee's check returned by the bank for insufficiency of funds, P3,000
A sheet of paper with names of several employees together with contribution for a birthday gift of a co-employee. Attached to the sheet of paper is a currency of P5,000.
The petty cash general ledger account has an imprest balance of P50,000. What is the amount of petty cash fund that should be reported in the
Step by step
Solved in 2 steps
