Reference no: EM132671601
Problem - The auditor for Raki - Raki, Inc. examined the petty cash fund immediately after the close of business, June 30, end of the company's fiscal year. The following fund composition was arrived at:
Currency P1,272
Fund Vouchers:
Office supplies expense 388
Travel expense 240
Office equipment repairs 170
Loans to officers and employees 400
A check drawn by Raki - Raki, Inc., payable to the order of Jingle, fund custodian 1,100
An employee's check, returned by bank, stamped NSF 230
A sheet of paper bearing the signatures of several employees, together with their contributions (total P200) for a gift to a departing employee. Attached to the paper is currency of 200
The petty cash fund general ledger account has an imprest balance of P4,000.
Required - Based on the result of your audit, answer the following
a. How much is the cash shortage as of June 30, 2007?
b. At what amount should the cash fund be shown in the balance sheet as of June 30, 2007?
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