Reference no: EM133072414
Question - Q1. Jungkook Company reported total cash and cash equivalents of P3,650,000 on December 31, 2020. The following items are included in its cash and cash equivalents.
Investment securities of P200,000, these investments are actively traded in the market.
Jungkook Company has agreed to maintain a cash balance of P100,000 in one of its banks (this amount is not legally restricted as to withdrawal).
Investment securities of P500,000. These securities are commercial paper. The term of the papers is six months, and they were purchased on November 1 at which time they had three months to go until they mature.
How much is the correct amount of cash and cash equivalents that Jungkook Company should report in its December 31, 2020 statement of financial position?
Q2. 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:
Newspaper subscription for two weeks (dated June 29, 2020)- P300
Office supplies (dated July 2, 2020)- P1,300
Grab delivery fee for documents sent to a client- P273
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. P11,350 and P87.00 overage
B. P11,350 and P87.00 shortage
C. P10,050 and P87.00 shortage
D. Cannot be determined
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