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What is the correct amount of petty cash on balance sheet

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Problem - A cash account in the morning of January 2, 2020 showed the following items in the petty cash of BTS Corporation: Currencies and coins counted- P2,512; Company checks for replenishment- P18,000; Approved and paid petty cash vouchers- P2,900; Employees' IOUs- P36,000. The petty cash fund was established for an amount of P60,000. What is the correct amount of petty cash on the balance sheet as of December 31, 2020?

Reference no: EM132935028

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