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Determine the amount of cash short-over

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Question - The accountant for ABC established a petty cash fund of P2,000. During October, the fund was depleted by the following disbursements:

Shipping expense, P850

Travel expense, P300

Postage expense, P190

Miscellaneous supplies, P195

In addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of P45 from the secretary handling the fund. The company uses a cash over and short expense account, as needed. The company decided to decrease the petty cash fund to P1,600. Determine the amount of cash short/ over.

Reference no: EM133169591

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