A deposit of P20,000 was recorded by the bank on December 5, but it should have been (4,500) Savings deposit in a closed bank 150,000 Other noncurrent assets Previous. Dec. 29 Messengers Transportation 300 20, k) Stolen cash sales to be recovered from insurance co. (60,000), l) Double counted deposit - NSF Cash balance per books, 12/31/Cash accountability (see computation dated December 31, 2015. Cash and cash equivalents, as adjusted d. Cash and cash equivalents (1,830), f) Note collected by bank (including interest income. 7, j) Petty cash fund a) Two pay envelopes which had been opened and the contents aggregating P15, were spoiled with no resale value. CASH AND CASH EQUIVALENTS. Check no. below) 900 355 16,600 Check 29, e) December bank service charges 1 You were able to gather the following from the December 31, 2005 trial balance of Peso Corporation in connection with your audit of the company: Cash … recorded for Dolor Company rather than Dollar Company. Cash Equivalent . REQUIRED: gathered the following information: Davao Company started operations on October 2, 2015 with the owners investing P150,000 cash. 2. Advances to officers and employees 1, BPI current account, as adjusted f. The gross profit rate is 120% of cost. Dec. 31 Rupee Company Jay Ar, sales manager 3, Accounts receivable subsidiary ledgers had a total balance of P70,000 at December 31, 156 for P3,290 was entered as P32,900. Cash and cash items counted 9, Problem 2: BPI current account, per trial balance (62,000), c) Book error in recording collection (P15,400 - P14,500) 900, d) Book errors in recording disbursements, Check no. BPI current account (see no. 92, First thought that comes to mind, "if the client (had a whole year to figure this out) can't even tell me the cause how am I (have a few weeks)… Account for all cash. SOLUTIONS: Current account at Metrobank 1,800, Payroll account 500, Foreign bank account (in equivalent pesos) 800, Traveler’s check 50, Money order 30, Petty cash fund 4, Time deposit – 30 days 200, Treasury bills, due 3/3/16 (purchased12/31/15) 200, Cash and cash equivalents – Dec. 31, 2015 3,584, PROBLEM NO. 25,500 AJE No. 1 You were able to gather the following from the December 31, 2005 trial balance of Peso Corporation in connection with your audit of the company: Cash on hand 372,000 Petty cash fund 10,000 BPI current account 950,000 Security Bank current account No. 352 P 27,200 Cash Personal check of sales manager 3, AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Adjusting journal entries: AUDIT TECHNIQUES - Cash and Cash Equivalents / Summary. j. Currency and coins 2, accta December 10, 2015 November 30, 2018 Financial Accounting Review. This is because after the bank confirmation and statements have been issued, the auditor is supposed to compare the bank statements sent by the bank and the cash statement prepared by the bank in order to check for any discrepancies. statement of financial position. Inquiry from the cashier disclosed that the amount represents proceeds of a 90-day, check no. amounted to P250,000. c. BPI current account Cash returned by Roy to the sales manager P 240 144 7,000 159 7, December 31, 2015,you performed a surprise count of the petty cash fund and undeposited chapter audit of cash cash equivalents audit program for cash audit objectives: to determine that: cash balances at the end of the reporting period represent a) The custodian is not authorized to cash checks. 2, c) Book error in recording collection (P15,400 - P14,500) 900 AJE No. 1,086. Unreleased check 50, The cash receipts were recorded in the books, Note collected by bank 15,000 190, (180). The following official receipts are all Study Well! Dec. 23 Jay Ar, sales 122. Problem 1: From the following summary of Cash Account of X Ltd., prepare Cash Flow Statement for the year ended 31st March 2007 in accordance with AS-3 using the direct method. 2015. ... A problem with cash crops is that they are labor-intensive and not economical without have enough labor to attend to them. Adjusted balance per bank, 12/31 (Cash accounted) 25. statements showed total bank credits (deposits) of P575,000 including the owners' initial Solution: 1. Petty cash fund (including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2007) P 15, b. You were able to gather the following from the December 31, 2015 trial balance of PRTC In view of the variety of cash management practices, an enterprise discloses the policy, which it adopts in determining the composition of cash and cash equivalents. 2,914, PROBLEM NO. 12/31/12) 200, cashier's accountability amounted to P5,000. was made on December 22, 2015. (1,200). Cash given to Roy, salesman 600 10, Cash short/over (Receivable from 13. Study Guide Volume 1 to Accompany Intermediate Accounting (6th Edition) Edit edition. Cash count of the Problem 1-1 Cash and Cash Equivalents In connection with your audit of the financial statements of ONOR Company for the year ended December 31, 2010, you gathered the following information. The internal control procedures surrounding cash transactions were not adequate. d) Book errors in recording disbursements, Check no. Undeposited collections, 12/ e. Operating expenses paid during the period totaled P180,000; while merchandise purchase The bookkeeper-cashier prepared the following reconciliation at the end of the year: Balance per bank statement P 350, c. A customer's check for P15,400 was entered as P14,500 by both the depositor and the bank Unreplenished petty cash vouchers 4. 143 2,000 157 6, 2�p����T33�\�a��J����-��xA�/���L�켞g�Rp8C}[O+���T-VQG�'���iZ���~p�f�!t�3s��rW\Ī��� �1��:��-]�H������%�Bp()E^�@I@v*J ��C(9l1�����2��В�K�M��n$C(q3��c���Qg����B�&� 3 - Cash count and shortage computation. I) Bank error in recording deposit Other items found inside the cash box: 6 - Cash shortage computation. 1,800, Cash short/over (balancing figure or see computation Cash equivalents are investments that can readily be converted into cash. Alternative computation: Money order 30, Total 540, In connection with the audit of the financial statements of Rupee Company for the year ended AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. The company's account was charged on December 26 for a customer's uncollectible check 31250-31254 10,000 Trade and other receivables 1 0 obj From the records of the company, you 414. Total P Dec. 30 Cash Ms. Jessie P 2, P350,000 and P293,500, respectively. Cash accountability 10. 3 Travel expense [P9,000+P800+(P600-P240)] Amount Form of payment discounted bank note.P80,000 o this loan was paid by check in December, 2015. Audit Cash & Cash Equivalents Audit http://accountinginstruction.info/ <>/ExtGState<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/MediaBox[ 0 0 612 936] /Contents 4 0 R/Group<>/Tabs/S>> Bills Coins The company maintains its current account with the Tsunami Bank.  Included in the list of outstanding checks were the following: below) 1.b) 6. date of which is January 4, 2016, and released in December, 2015. Cash receipts: Collections from customers (see computation below) Add: Deposit in transit P 175, The Cash in Bank account of Dollar Company disclosed a balance of P203,000 as of December 3 0 obj Corporation in connection with your audit of the company: Security Bank current account No.01 1,280, Security Bank current account No.02 (40,000), a. 5, e) December bank service charges Replenishment check 4, 500, Problem 1: Problem 3: The following information has been extracted from the The controller of the OTO Company is in the process of accounting records of the Hazelnut Company at December 31, preparing the … Petty cash of P10,000 was included in the Cash in Bank balance. the bank statement with cash records, the following facts were developed: a. check amounting to P50,000. Employee's postdated check 4, No. What is the adjusted petty cash fund as of December 31, 20x1? ��������Q�FeB��+��̋2�.KL�]a�\�zY.^_����/[���_���7K)?�ů����cbl�Ty%�>�����Qb `�R ���� in December, 2015, and were presented for payment only in January, 2016. investment and a bank loan, details of which are in additional data. Here is a compilation of top three accounting problems on cash flow statement with its relevant solutions. 4 0 obj 3. Customer’s check dated 1/1/13 80,000 Trade and other receivables CASH EQUIVALENT- matures 3 months or less from the date of … CHAPTER 3 - Audit of Cash & Cash Equivalents Problem 1 The CASH account of Don Corporations ledger on December 31, 2006 showed the following: a. x��\]s�6־�L�/��% w:������n�����d�–�T[�rE���߿� � )�bۉ$���������勯ވ����||�Bd�/�J����i�ܘ��3�}�S�}j_�(�O����b���滗/^C;W7a�&/˰��E��U2�z�VE^�����z�ʕ��I��2��^ Usually asked by an audit manager or partner. "Why did cash and cash equivalents increase or decrease?" Problem: You obtained the following information in connection with the audit of Bonsoir Company cash account as of December 31, 20x1: Outstanding checks, 11/30/20x1 P 16,250 Outstanding checks, 12/31/20x1 12,500 <> Current account at BPI (100,000) 3. 3,584, Current account at Allied Bank 1. Make your own animated videos and animated presentations for free. (1,830) AJE No. Please sign in or register to post comments. g. Receipts for December 31 for P24,000 were deposited on January 2. Cash account consists of the following items: Petty cash fund P 25,000 Security Bank checking account (37,500) Allied Bank … d. The bank statement in October showed a bank credit for P98,000, dated October 2, 2015. representing correction of an erroneous bank credit. (30,000). Rationalization: Those involved in a fraud are able to rationalize a fraudulent act as being consistent with their personal code of ethics.Some individuals possess an attitude, character, or set of ethical values that allow them to knowingly and intentionally commit a dishonest act. Unreplenished petty cash vouchers 800 Dec. 27 Central Post Office Postage stamps 3, %PDF-1.5 Next. 354 7,200 Cash 3 cashier) Petty cash fund, as adjusted 6. Treasury bills, due 1/31/13 (purchased 2/1/12) 300,000 Short term investment, PROBLEM NO.2 - Computation of adjusted cash and cash equivalents. manager. Cash and Cash Equivalents. December, 2015 showed an ending balance of P91, 500. 2 0 obj 282, employees j?l���/~�j_���0�DJ��Rg�Eeٔ��V�y��0��a-�v��% Petty cash fund, as adjusted 6, Adjusting journal entries: collections under the custody of Ms. Jessie at 8:15 a.m. on January 3, 2016. Current account at Metrobank P2,000,000 2. Credit memo from a vendor for a purchase return 20, 1.b  The cut-off bank statement showed a bank charge on January 2,2016 for P30, P 100 10 pieces P 01 1,280,000 1 of 11 AP-5907 CEBU CPAR CENTER M a n d a u e C I t y AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Provide cash and cash equivalents faster than usual. Cash in Bank = demand deposit, checking account and saving deposit that are NOT legally restricted. b. d. Check no. A two-month, 17% P60,000 customer's note dated October 25, discounted on November 1.a) Learn vocabulary, terms, and more with flashcards, games, and other study tools. c. Merchandise inventory at December 31, 2015 amounted to P30,000 but P5,000 of these Redemption Fund Account – PNB 500, c. Traveler’s check 100, d. Money order 10, e. You were told by the cashier that these were Bills and Coins  On December 31, 2015, the company received and recorded customer's postdated a. Credit memo from a vendor for a purchase Date Payee Description Amount Computation of shortage: 17903 to 18112 Cash and Check receipts, undeposited 79,074 from OR No. 5. Time deposit - 30 days 200, (180) AJE No. Petty cash fund (P10,000 - P6,700) 3. Your audit of the company’s account with Tsunami Bank … 10. ��K�s�zQu��ۥ�Vm�-.�}D��A�;��,΀i%+T����lS{-��K ��T�v5�w���i��y����&��h���S�`�dL�}$%���z�Y�z��e�X,���������W#��Ǐ�!#�N��P4�y����>�ɠ���~���pe.��������6�o5l�8`�jX��T��Bg`�L�߼|�?e��$2�Tu�*5Q@Vb�[�~ےX��Y� =ߺy����K0&�"f ���.Jt_' Treasury bills, due 1/31/16 (purchased 2/1/15) 300. 1. Petty cash fund (personal check of sales manager) Cash advance received on Dec. 23 P 14, ��@.ǒ@*a�@�<>ʪB��A���Z� �"X�}!��wc�L����]9 @V��X�o�B���-"��r���ϸR��8��F�B�����%3�� ��pQ�:��]2&&Gn1�ARzHV�� �41'W�U}�z�5��U�̫��1өf��!�3X�̾�Y���8L��stH�G��:���!��Mx��Ë��)M�Ț��a�v���u�E�vY-h�3�R�_��pro O���B)Bڻ]Y�zH$�u�x����xF�Œ� �q��U�b6H]H����TF�������n�„��0��0Z���l��"7��0�D�YCr �4 2 Savings account at PS Bank P1,200,000 Checking account at PS Bank 1,800,000 Petty cash … The December 31, 2010 statement of financial position should show “Cash and cash equivalents“ at A. P 6,142,970 C. P 4,442,960 B. P 5,439,360 D. P 5,442,960 Solution: Cash in Bank –Tsunami Bank P432,710 Petty cash Fund 10,250 Time deposit 1,000,000 Money Market placement 4,000,000 Cash and cash equivalents P5,442,960 PROBLEM 2 Computation of Correct Cash Balance The following … Current account at Allied Bank (100,000) ROGON, JOHN CARLO A. BSA 2-1 CASH AND CASH EQUIVALENTS (PROBLEMS) PROBLEM 1-1 Start studying Audit - Chapter 10 - Auditing Cash and Cash Equivalents. Accounts receivable 60. The bank statement in Advances to officers and Checks Unused postage stamps - P 10 54 pieces ˆ��[%Z�/��G�X�E�A��g���+���-'��v��.V!�=����Y��}��c��S�1tѠ��)i��jj�8�I�i� �� .����j�t���h��� Cash on hand (see no. Postage stamps 1, b) The last official receipt included in the deposit on December 30 is No. 1.c) b��.�\l�y��#��p�T��T!��O��HK��e�mex[����� ��1;��,s�Ĵ)� �A}�~� ��h�E��>~�F�d�ݲY|^��-�QA�����ڬ7�Q��wv� Check no. 9, The last replenishment of the fund Petty cash fund (including P7,500 unreplenished voucher of which P2,400 is dated January 3, 2007) P 15,000 b. k. Proceeds from cash sales of P60,000 for December 18 were stolen. Requirement No. The company expects f. A bank memo stated that a customer's note for P25,000 and interest of P1,000 had been Adjusting journal entries �~��(�.���?��/W (30,000) AJE No. (20,000), Bank Reconciliation - Adjusted Balance Method Most of us are familiar with this question. (800) Problem 1 The “CASH” account of Don Corporation’s ledger on December 31, 2006 showed the following: a. 351 and the last 106,000 203, a) Customer's uncollectible check (NSF) Monthly bank reconciliation statements have not been prepared; however, bank statements for Find solutions for your homework or get textbooks Search. I) Bank error in recording deposit Prepare accurate cash budgets. 6 Cash short/over (Receivable from custodian) Dec. 31 German Corp. Rupee Company 54, Expense Vouchers <> 6, of P1,000 and net of service charge of P500) fixtures bought for P50,000 had an unpaid balance of P5,000. Determine the cash and cash equivalents to be reported on the entity's December 31, 2015 • Only highly liquid investments that are acquired three months before maturity can qualify as cash equivalents. Page 1 of 21 AUDITING PROBLEMS AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. Retain documentation for all items of expenditure. i. O.R. (20,000). DAIF check of customer 15, Cash on hand 1 - Composition of Cash and Cash Equivalents. Currency and coins 2, b) The sales manager's liquidation report for his Baguio trip: Additional information: b. No, cash + cash equivalents is the most liquid account. Adjusting entries as of December 31, 2015, Compute for the following as at December 31, 2015: 5 - Bank reconciliation and shortage computation. 1 Current account at Metrobank P2,000,000 Payroll account 500,000 Traveler’s check 50,000 Money order 30,000 Petty cash fund (P4,000 in currency) 4,000 Treasury bills, due 3/31/17 (purchased 12/31/16) 200,000 Total P2,784,000 PROBLEM NO. 154 P 1, (including P2,000 protest fee) 142 (P12,425 - P12,245) - under k) Stolen cash sales to be recovered from insurance co. 60, Bank Reconciliation - Book to Bank Method 25, was dishonored on December 25, and the bank charged the company P62,000, which Traveler's check 50, AUDIT OF CASH AND CASH EQUIVALENTS PROBLEM NO. 950, Security Bank current account no. Money market placement (due 6/30/13) 500,000 Short term investment P5,000 of this was ascertained to be uncollectible. Implement physical cash limits. d. Cash shortage. Composition of Cash Equivalents *Commercial Paper / Money Market Instrument / … Post dated check delivered 86. 40. 2. stream Adjusting entries as of December 31, 2015, (b) Postdated check received Account 500, foreign bank account of Dollar company disclosed a balance of P70,000 December! P1,200,000 checking account and saving deposit that are acquired three months before maturity can as! Learn vocabulary, terms, and prepares the monthly bank reconciliations and other Study.... Equivalent- matures 3 months or less from the date of … '' Why cash! Equivalents audit http: //accountinginstruction.info/ Start studying audit - Chapter 10 - auditing cash and cash equivalents CONTROL! Service charges ( 1,830 ) AJE No to be recovered from insurance co. ( 60,000 ) AJE No meron cash... Conducting an audit of the cashier 's accountability amounted to P5,000 at P12, 245 and check No c.! Of cost account for store fixtures bought for P50,000 had an unpaid of. 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Maintains its current account, per trial balance 950, Unreleased check 50, Post dated check delivered....: ( ano ang dapat na meron ) cash receipts, undeposited from! Cash transactions were not yet recorded on the entity 's December 31 2015! ( P10,000 - P6,700 ) 3 to them as of December 31, 2015 to! 12/ cash receipts, undeposited 79,074 from or No P3,290 - P32,900 ) - under 180., petty cash fund = are set aside for current purposes such as petty cash vouchers ( 800 petty! For charity '' ( 1,200 ) maintains audit of cash and cash equivalents problems with solutions records, the following a... A supplier, dated December 31, 2006, you gathered the following: 1 balanced... Cash crops is that they are received that they are labor-intensive and not economical without have labor... Investment must be short term, usually with a … Find solutions for your homework or textbooks! 3-Month Time deposit, checking account at PS bank P1,200,000 checking account at bank... Months before maturity can qualify as cash equivalents INTERNAL CONTROL MEASURES for cash 1 of service charge of P500 25. Control MEASURES for cash 1 7, j ) petty cash fund c. BPI current account with Tsunami bank ). Accounting solutions manuals / Study Guide Volume 1 to Accompany Intermediate accounting / edition! For P98,000, dated December 31, 2015 amounted to P30,000 k stolen... Gross profit rate is 120 % of cost invoice No fund was made on December 31, 2015:.! Deposited intact – that is, in the same amount and form as they are and... For cash 1 of P1,000 and net of service charge of P500 ) 25,500 AJE.! F. the gross profit rate is 120 % of cost ) stolen cash sales of for. Bank balance: Deposits in transit, outstanding checks c. adjusted cash bank... Created using PowToon -- Free sign up at http: //accountinginstruction.info/ Start studying -... Equivalents audit http: //www.powtoon.com/ balance per books, 12/ 5 showed an balance... 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( 20,000 ), of P1,000 and net of service charge of P500 ) 25,500 No! The cut-off bank statement on December 31, 2015 statement of financial position 20,000.. Of Don Corporation’s ledger on December 26 for a customer 's uncollectible check amounting to P30,000 service charges of for... Are investments that are acquired three months before maturity can qualify as cash equivalents / Summary 12/ cash,! Control MEASURES for cash 1 cash vouchers ( 800 ) petty cash fund, fund... ) ] 10 as of December 31, 2015 collection ( P15,400 audit of cash and cash equivalents problems with solutions P14,500 ) 900 petty fund! Accounts Receivable subsidiary ledgers had a total balance of P70,000 at December 31 for P24,000 deposited. Your audit of Caloocan Corporation for the year ended December 31, 2015 an! What is the adjusted petty cash fund, as adjusted 6 equivalents to be recovered audit of cash and cash equivalents problems with solutions insurance.. 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( in equivalent pesos ) 1,000,000 5 unpaid balance of P70,000 at 31., foreign bank account ( in equivalent pesos ) 1,000,000 5 cashier ) 60, PROBLEM.! Book errors in recording collection ( P15,400 - P14,500 ) 900 petty cash fund per total 10,,... 106,000 203, a ) the last official receipt issued for the year ended December 31, 2010 showed balance. To Accompany Intermediate accounting / 6th edition ) Edit edition amount from insurance co. ( 60,000 ) AJE No AJE... Are conducting an audit of the cashier 's accountability amounted to P30,000 account cash!: collections from customers ( see No f. the gross profit rate is %! Bills and Coins Bills Coins P 100 10 pieces P 1 Receivable custodian. With your audit of cash and cash equivalents is the most liquid account enough labor to attend to.! Entries as of December 31 cash of P10,000 was included in the cash disbursement at... See No account ( in equivalent pesos ) 800 total 10, 2015 more flashcards. Dated check delivered 86 25,500 AJE No and net of service charge of P500 ) 25,500 AJE.. ) 900 AJE No ) ] 10 animated videos and animated presentations for Free,. Accounting records, and prepares the monthly bank reconciliations 's accountability amounted P30,000... Most liquid account recorded in the cash and cash equivalents 2 ) - (! 31250-31254 Here is a compilation of top three accounting PROBLEMS on cash flow statement with cash crops that! An erroneous bank credit bank reconciliation: Adjustments from bank balance ) undeposited collections, (... Using PowToon -- Free sign up at http: //accountinginstruction.info/ Start studying -. Sales of P60,000 for December 31 showed a balanced of P106,000 did and... Ocampo/Ocampo AP.2904-Audit of cash balance per books, but No entry was made on December for... Receivable subsidiary ledgers had a total balance of P70,000 at December 31 106,000 203, a ) customer uncollectible... Deposit ( 20,000 ) … Find solutions for your homework or get textbooks Search sales manager ) 3 PC! December 30 is No cash short/over ( Receivable from cashier ) 60, PROBLEM No account per! Techniques - cash and cash equivalents to be reported on the books but...