Reference no: EM132690793
Light Company reported an imprest petty cash fund of P50,000 with the following details:
Currencies 20,000
Coins 2,000
Petty cash vouchers:
Gasoline payments for delivery equipment 3,000
Medical supplies for employees 1,000
Repairs of office equipment 1,500
Loans to employees 3,500
Check drawn by the entity payable to the order of Lads Puno,
Petty cash custodian, representing her salary 15,000
An employee check returned by the bank for insufficiency of fund 3,000
A sheet of paper with names of several employees together with Contribution for a birthday gift of a co-employee.
To the sheet of paper is a currency 5,000
Problem 1: What amount of petty cash fund should be reported in the statement of financial position?
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What amount of petty cash fund should be reported
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