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Chapter 3-Cash Problem 4 You examined the petty cash fund of the Victor Company immediately after the dose of business on June 30,2021 , the

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Chapter 3-Cash Problem 4 You examined the petty cash fund of the Victor Company immediately after the dose of business on June 30,2021 , the end of the company's fiscal year. Your aud showed the following fund composition: Currencies P7,500 Coins Petty cash vouchers: Gasoline payments for delivery vehicle Office supplies Medicines for employees Transportation Office equipment repairs Loans to employees A check drawn by the company payable to the order of the petty cash custodian, representing her salary An employee's check returned by the bank because of insufficient funds A piece of paper with names of several employees together with a contribution for a wedding gift for an employee. Attached to the sheet of paper are currencies amounting to 3,500 The petty cash general ledger account has an imprest balance of P15,000. REQUIRED: (a) What amount of petty cash fund should be included as part of Cash in the June 30, 2021 statement of financial position? (b) How much was the cash shortage or overage? (c) Prepare the necessary audit adjusting entries

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