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AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. 1 The following data were taken from your current working papers in connection with your audit of the Rizal Company's financial statements for the year ended December 31, 2006. Cash account consists of the following items: Petty cash fund P 25,000 Security Bank checking account (37,500) Allied Bank current account 344.250 Total per GL P331,750 a. The count of the cashier's accountability on January 2, 2007, revealed total bills and coins of P9,000. Unreplenished vouchers for various expenses totaled P16,000, of which P3,000 pertains to January 2007. b. On December 29, 2006, a check for P87,500 was drawn against Security Bank current account resulting in bank overdraft of P37,500. The check was picked up by the supplier on January 3, 2007. C. Bank reconciliation statement prepared by the cashier for the Allied Bank account follows: Bank balance P310,500 Add: Deposit in transit P61,250 Bank service charges 1,250 62.500 Total 373,000 Less: Outstanding checks Check No. Amount 214 P 2,500 219 20,750 225 6,000 228 8.500 28.750 Book balance P344,250 Check certified by the bank in December 2006. All reconciling items were traced to the bank statement. Further investigation indicated that the deposits in transit include a customer's post-dated check amounting to P40,000. The check represents a collection from account customer for sales made in the middle of October 2006. QUESTIONS: Based on the application of the necessary audit procedures and appreciation of the above data, you are to provide the answers to the following: 1. How much is the adjusted balance of petty cash fund as of December 31, 2006? a. P12,000 b. P13,000 C. P9,000 d. P16,000 2. How much is the adjusted Allied Bank current account as of December 31, 2006? a. P336,500 b. P305,500 C. P296,500 d. P330,250 3, How much is the cash shortage as of December 31, 2006? a. P46,500 b. P6,500 C. P9,000 d. PO 4 How much is the adjusted cash as of December 31, 2006? a. P355,500 b. P398,500 C. P367,500 d. P358,500