PROBLEM 7 In connection with the audit of the financial statements of Janus Corporation for the year ended December 31, 2020, you conducted a surprise count of undeposited receipts on December 29, 2020, the last working day for the year. You conducted the count in the presence of the cashier whose accountability per general ledger was P 160,000. The following were revealed during the count: Currencies and coins: 97,680 Unused postage stamps (88 pieces at P 10 each) 880 Checks: Date Payee Maker Jan. 21 Cash Cashier 8,000 Dec. 19 Janus Corporation Cyborg Company 18,800 Dec. 27 Janus Corporation Titan Corporation 15,680 Dec. 28 Tiktok Corporation Janus Corporation 7,200 Office supplies paid out of receipts 8,000 Repairs paid out of receipts 4,800 Total per count 161,040 Question 7: What is the cash shortage on December 31, 2020?PROBLEM & Moluccas Corporation, your client, is a successful small business but has poor internal control, Its bookkeeper, Mando Rugas, handles cash receipts, makes small disbursements from the cash receipts, maintains accounting records, and prepares the monthly bank reconciliation. The March 31, 2020 banks statement shows a cash balance of P 590,000 while the company's general ledger shows a cash balance of P 696,499. At March 31, the following checks were outstanding: No. 7163 - P 8,623; No. 7284 - P 7,320; No. 7285 - P 10,612; No. 8722 - P 6,322; NO. 8724 - P 12 280; No. 8733 - P 6,200. Mando Rugas realizes that being the company cashier-accountant, he can easily misappropriate collections and conceal it. He removed all the cash on hand in excess of P 127,301. To conceal the theft, he prepared the following bank reconciliation. Balance per books 696.499 Add: Outstanding checks No. 8722 6.322 No. 8724 12 280 No. 8733 6.200 20 802 Total 717.301 Less: Cash on hand 127 301 Balance per bank statement, March 31 390,000 Question & How much was taken by the cashier- accountant? Question 9: What is the amount of cash that should be on hand at November 15, 2020?PROBLEMIS In your year end audit of A. Bonifacio Corporation, the Cashier showed a cash accountability of P 240,900 as at December 31, 2019, The following transaction are summarized for the year 2020; Disbursements for costs and expenses 15,000.000 Income Tax Payable 200 000 Payment of Notes Payable to BPI 800.000 Proceeds of BDO borrowings - one year 2.000.000 Ordinary Shares Subscribed 18,000.000 Ordinary Shares Subscription Receivable 6,000 000 Acquisition of various property and equipment 9.000.000 Depreciation of property and equipment 600.000 Accounts written off 100 000 Collection from credit sales 11,200 000 Question 5 What is the cashier's accountability? PROBLEM S The following table summarizes the cash transactions of Love Company for the last six months of 2020, Month Cash Deba Credit July 204 000 120.000 August 140.000 220,000 September 240 000 136,000 October 344 000 184,000 November 520 000 244.000 December 560 000 460,000 1.928 000 1,336,000 The following information were gathered by you during the audit 1. Balance per bank statement at December 31, 2020 - P 400,000 Balance per bank statement at December 31, 2020 - P 1,048.000 Outstanding checks, December 31, 2020 - P 84,000 No checks were outstanding on July 1, 2020 Deposit in transit at December 31, 2020 which was included in the December receipts - P 48,000 Bank deposits, July 1 to December 31 - P 1,828,000 Question 6. What is the total shortage