Supply the Answers

Summary of Answers:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.

55,550 shortage
836,850
157,950
780,650
625,700
3,000
879.50
5,700
132,000
400
5,300
145,600
71,950
1,828,212
imprest system deposit of collections intact to the bank
segregation of duties of custodial function and bookkeeping function
125,250
194,550
255,700
55,000
SUPPORTING COMPUTATIONS

A.
Unadjusted balances
Bank credit memo
Bank debit memo
Outstanding checks
Check of Kin
Error in recording check
Cash on hand
Balances before cash shortage
Cash shortage
Cash balance, per audit

Bank
P850,000

Books
P750,500
150,000
(4,500)

(120,400)
21,000
(3,600)
86,250
P836,850
P836,850

P892,400
( 55,550)
P836,850

B.
Unadjusted balances per bank
Outstanding checks
January 31
February 28
Deposits in transit
January 31
February 28
Adjusted balances
Unadjusted balances, per books
Bank credit memo
January
February
Bank service charges
January
February
NSF checks returned by bank
January
February
Adjusted balances
C.
Total per count
Cashiers accountability
Petty cash fund
Undeposited collections
Cash shortage
Bills and coins
Customers checks
Undeposited collections
Petty cash fund, per audit

January 31
13,500

Receipts
790,450

(65,000)
54,500
3,000
January 31
(92,250)
123,500

(54,500)
44,700
780,650
Receipts
805,350

Feb. 28
156,250

(65,000)
43,000

(43,000)

625,700
Disb.
630,300

44,700
157,950
Feb. 28
82,800

(123,500)
98,800

(3,250)
(25,000)
3,000

Disb.
647,700

780,650

98,800
(3,250)
4,650

(4,650)

(25,000)
19,000
625,700

(19,000)
157,950

P19,620.50
P 15,000.00
5,500.00

20,500.00
P 879.50
P6,400.00
4,800.00
(5,500.00)
P5,700.00

D.
Unadjusted disbursements
Outstanding checks
November 30
Customers NSF checks
November
December
Bank service charges
November
December
Balances before outstanding checks, December 31

December Disbursements
Per bank
Per books
P195,000
P230,400
(90,000)
(6,000)
12,000

P105,000

Outstanding checks, December 31

E.
Total per count (exclude the unsigned pay envelope with no contents)
Cashiers accountability
Petty cash fund
P15,000
Unreleased payroll
5,000
Cash shortage
Bills and coins
Vouchers with January 2011 dates
Employees check dated December 2010
Total cash items as of December 31
Unreleased payroll
Correct petty cash balance on December 31

(2,400)
3,000
P237,000
105,000
P132,000
P 19,600
20,000
P 400
P7,300
200
2,800
P10,300
(5,000)
P5,300

F.
Unadjusted receipts in June
Collections made directly by bank
May
Deposits in transit, May 31
Loans granted by bank in June
Error in recording deposit
Balances before deposits in transit, June 30
Deposits in transit, June 30

June Receipts
Per bank
Per books
P310,000
420,000
(30,300)
(15,000)
P295,000

50,000
900
P440,600
295,000
P145,600

G.
Unadjusted balances
Credit memo for collections by bank
Outstanding checks
Undeposited receipts
Balances before shortage
Amount stolen
Actual cash existing

Per bank
1,555,000
(106,229)
379,441
P1,828,212
P1,828,212

Per books
1,890,162
10,000
P1,900,162
(71,950)
P1,828,212

Features of internal control missing:

Imprest system and segregation of duties
H.
Unadjusted balances
Erroneous bank credit
Outstanding checks (246,750 15,000 37,200)
Unreleased checks
Postdated checks issued and recorded as disbursements
Customers postdated check
Deposits in transit (175,250 50,000)
Note collected by bank
Balances before cash shortage
Cash shortage
Actual cash existing

Per bank
P350,000
(25,000)
(194,550)

Per books
P293,500
15,000
37,200
(50,000)

125,250
P255,700
P255,700

15,000
P310,700
(55,000)
P255,700