Quiz 9B

The petty cash fund (imprest balance of P45,000) of Crown Company on December 31, 2019 is composed of the following:

Currency & coins17,000.00

Petty cash vouchers

Postage stamps1,000.00

Supplies2,000.00

Cash advances to employees3,000.00

Employee's check returned by bank marked DAIF4,000.00

Replenishment check drawn by the company payable to the order if Virginia Bernal, petty cash custodian18,000.00

Unused postage500.00

Check payable to ORMECO, for payment of the company's utility bills3,500.00

A sheet of paper with names of employees together with contribution for a birthday gift of a co-employee in the amount of4,500.00

TOTAL53,500.00

Questions:Please show your computations.

1.How much is the cash shortage or overage as of December 31, 2019?Indicate whether shortage or overage.

2.How much petty cash fund shall be shown as part of "Cash and Cash equivalents" balance as of December 31, 2019.