Problem 1

LockUp Corporation has the following items in the Petty Cash and Cash Collections combined as of as of January 5, 2020 during the checking of Cash for December 31, 2019 balance sheet.

a.

Denomination Bundle of 100pcs Rolls of 50 coins Loose

500 1 9

100 2 27

50 3 5

20 5 4

10 10

5 6 4

1 10 20

.25 40 16

b.Checks

Maker Payee Date

Baran-Customer LockUp 12/30/2019

Catapang-Customer LockUp 12/26/2019

Torres-Customer LockUp 01/02/2020

Sherwin-Customer LockUp 12/21/2019

Alusen-Officer Cash 01/15/2020

LockUp Corp. LoveItCorp 12/27/2019

Laurel- Return of Advances Cash 12/29/2019

C. Vouchers and IOUs

Transportation Expenses 01/02/2020 P35

Postage Stamps 12/20/2019 150

Christmas Party Expenses 12/23/2019 6290

IOU - Villegas 12/27/2019 300

d.Cash Sales Invoices (all currencies No. 15903 to 16112), P 100,500.

e.Official Receipts (Representing Collections)

Official Receipts

Amount

Form of Collection

31250

P 560

Cash

31251

12,505

Check

31252

1,202

Cash

31253

11,920

Check

31254

13,350

Check

f.Stamps of Various Denominations amounted to P 80.

g.A notation on a sheet of paper as follows:Proceeds from employee contribution for Christmas Party, P 9,500.

h.Petty Cash Per Ledger, P 15,000.

1.Compute the Petty Cash Shortage as of January 1, 2020. _____________________

2.Compute the correct amount of Petty Cash Fund to be reflected in the December 31, 2019 balance sheet ____________________________

3.Compute the total Cash that does not belong to Petty Cash Fund ___________________

Problem 2

The Cash account of The New Normal Corporation for the fiscal year ending July 31, 2019 has the following information.

General Ledger

Bank Statement

Beginning Balance

P 140,330

P 172,590

Deposits

751,680

Cash Receipts Journal

763,680

Checks Cleared in the Bank

(708,450)

Cash Disbursements Journal

(654,330)

July Bank service Charge

(2,610)

Note Paid by the Bank

(183,000)

NSF Check

(9,330)

Ending Balance

P 249,680

P 20,880

a.Bank Reconciliation in June included the following Information: Bank Statement Balance,

P 172,590; Deposit in Transit, P 18,000; Outstanding Checks, P 52,260; and balance per general ledger, P 140,330.

b.Checks Clearing in the bank in July included the following:

Checks Outstanding by the end of June

P 50,760

Checks recorded in July Cash Disbursements book

614,010

Check unrecorded and drawn by the company as payment of liability

31,800

A check drawn by New Rural Corporation

11,880

c.Deposits included P 18,000 from June and P 733,680 from July.

d.The bank charged New Normal Corp.'s account for NSF totaling P 9,330. The check was turned over to a collecting agency.

e.A note of P 174,000, plus interest, was paid directly by bank under an agreement signed four months ago. The note was recorded in the books of New Normal at P 174,000.

4.Compute the total Outstanding Checks as of July 31..

5.Compute the total Deposit in transit as of July 31.

6.Compute the correct Cash in Bank balance as of July 31.

7.Compute the Cash in Bank Shortage, if any, as of June 30.