A surprise count of the petty cash fund of Jungkook Pharma on July 4, 2020 showed the following: Bills and coins- P6,050 Paid vouchers for: o Newspaper subscription for two weeks (dated June 29, 2020)- P300 o Office supplies (dated July 2, 2020)- P1,300 o Grab delivery fee for documents sent to a client- P273 o SB coffee for an unexpected visit of a BIR personnel inspecting the company’s record- P290 Employee’s check dated July 15, 2020- P2,700 Company check representing replenishment of the petty cash fund- P4,000 The company’s fiscal year ends on June 30. The petty cash fund was established for the amount of P15,000. How much is the correct amount of the petty cash fund included in Jungkook’s cash and cash equivalents total at June 30, 2020 and the amount of shortage or overage in the fund, respectively?
A surprise count of the petty cash fund of Jungkook Pharma on July 4, 2020 showed the following: Bills and coins- P6,050 Paid vouchers for: o Newspaper subscription for two weeks (dated June 29, 2020)- P300 o Office supplies (dated July 2, 2020)- P1,300 o Grab delivery fee for documents sent to a client- P273 o SB coffee for an unexpected visit of a BIR personnel inspecting the company’s record- P290 Employee’s check dated July 15, 2020- P2,700 Company check representing replenishment of the petty cash fund- P4,000 The company’s fiscal year ends on June 30. The petty cash fund was established for the amount of P15,000. How much is the correct amount of the petty cash fund included in Jungkook’s cash and cash equivalents total at June 30, 2020 and the amount of shortage or overage in the fund, respectively?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A surprise count of the petty cash fund of Jungkook Pharma on July 4, 2020 showed the following:
- Bills and coins- P6,050
- Paid vouchers for:
o Newspaper subscription for two weeks (dated June 29, 2020)- P300
o Office supplies (dated July 2, 2020)- P1,300
o Grab delivery fee for documents sent to a client- P273
o SB coffee for an unexpected visit of a BIR personnel inspecting the company’s record- P290
- Employee’s check dated July 15, 2020- P2,700
- Company check representing replenishment of the petty cash fund- P4,000
The company’s fiscal year ends on June 30. The petty cash fund was established for the amount of P15,000. How much is the correct amount of the petty cash fund included in Jungkook’s cash and cash equivalents total at June 30, 2020 and the amount of shortage or overage in the fund, respectively?
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