Your audit of CASH & CURRY INC.

, for Year 1 reveals the following:

Details of bank accounts follows:
1) ABC Bank Savings account #100989, P5 million
2) ABC Bank Savings account #200987, (P220,000)
3) CAB Bank Savings account #609825 , (P170,000)
4) BAC Bank Checking account #263739  P1,250,000
Details regarding the bank accounts include the following:
 - Formal compensating balance of P200,000 was restricted by ABC Bank for the
outstanding loan of the company.
- Compensating balance of P100,000 was attached to the loan from BAC Bank but is not
legally binding.
- 90-day Certificate of deposit at ABC Bank was held by the company for P500,000
 
Cash and other items on hand include the following:

 Currencies and coins, P470,000

 Postal money order, P170,000
 Postage stamp, P10,000
 Manager’s check, P50,000
 P90,000 check received on December 29, Year 1 from a customer dated
January 10, Year 2.
 P40,000 NSF checks returned by bank on December 30, Year 1 but
redeposited on January 5, Year 2.

 
Cash funds maintained by the company comprised of the following:

 Dividend fund, P270,000

 Employee vale fund, P130,000
 Fund for acquisition of machinery, P500,000
 Petty cash fund, P20,000 (amount includes P5,000 expense vouchers)
 Revolving fund, P200,000
 Sinking fund for bonds retirement, P380,000

 
Short-term investments contain the following:
  Commercial paper acquired on December 1, Year 1 and will mature on March
31, Year 2, P200,000
 180-day T-bills acquired on October 31, Year 1 and will mature on January 31,
Year 2, P360,000
 Certificate of deposit held at ABC Bank.
 2 months Money market placement , P240,000

The cash on hand would be reported at

Group of answer choices

Answer not given

820,000

730,000

690,000

780,000
Your audit of CASH & CURRY INC., for Year 1 reveals the following:
Details of bank accounts follows:
1) ABC Bank Savings account #100989, P5 million
2) ABC Bank Savings account #200987, (P220,000)
3) CAB Bank Savings account #609825 , (P170,000)
4) BAC Bank Checking account #263739  P1,250,000
Details regarding the bank accounts include the following:
 - Formal compensating balance of P200,000 was restricted by ABC Bank for the
outstanding loan of the company.
- Compensating balance of P100,000 was attached to the loan from BAC Bank but is not
legally binding.
- 90-day certificate of deposit at ABC Bank was held by the company for P500,000
 
Cash and other items on hand include the following:

 Currencies and coins, P470,000

 Postal money order, P170,000
 Postage stamp, P10,000
  Manager’s check, P50,000
 P90,000 check received on December 29, Year 1 from a customer dated
January 10, Year 2.
 P40,000 NSF checks returned by bank on December 30, Year 1 but
redeposited on January 5, Year 2.

 
Cash funds maintained by the company comprised of the following:

 Dividend fund, P270,000

 Employee vale fund, P130,000
 Fund for acquisition of machinery, P500,000
 Petty cash fund, P20,000 (amount includes P5,000 expense vouchers)
 Revolving fund, P200,000
 Sinking fund for bonds retirement, P380,000

 
Short-term investments contain the following:

 Commercial paper acquired on December 1, Year 1 and will mature on

March 31, Year 2, P200,000
 180-day T-bills acquired on October 31, Year 1 and will mature on
January 31, Year 2, P360,000
 Certificate of deposit held at ABC Bank.
 2 months Money market placement , P240,000

Cash in bank would be reported at

Group of answer choices

5,660,000

5,560,000

5,730,000

Answer not given

5,830,000
The auditor of BALANZ CORPORATION prepared the following information:
  30-Nov 31-Dec
Cash in bank account balance 15,822 39,745
Bank statement balance 107,082 137,817
Deposit in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge 72 60
NSF check returned on December 10 but was redeposited
  8,250
the same day. The company did not record the redeposit.
Customer notes collected by the bank 71,815 80,900

On December 31 of the current year, the company books showed P236,452 cash
receipts and the bank statement showed P218,373 bank charges.
How much is the adjusted cash in bank balance on November 30 of the current year?
Group of answer choices

15,822

87,565

Answer not given

107,082

120,585
The auditor of BALANZ CORPORATION prepared the following information:
  30-Nov 31-Dec
Cash in bank account balance 15,822 39,745
Bank statement balance 107,082 137,817
Deposit in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge 72 60
NSF check returned on December 10 but was redeposited
  8,250
the same day. The company did not record the redeposit.
Customer notes collected by the bank 71,815 80,900

On December 31 of the current year, the company books showed P236,452 cash
receipts and the bank statement showed P218,373 bank charges.
How much is the adjusted bank receipts for the month of December?
Group of answer choices

232,881
Answer not given

214,802

253,787

245,537
The auditor of BALANZ CORPORATION prepared the following information:
  30-Nov 31-Dec
Cash in bank account balance 15,822 39,745
Bank statement balance 107,082 137,817
Deposit in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge 72 60
NSF check returned on December 10 but was redeposited
  8,250
the same day. The company did not record the redeposit.
Customer notes collected by the bank 71,815 80,900

On December 31 of the current year, the company books showed P236,452 cash
receipts and the bank statement showed P218,373 bank charges.
How much is the adjusted book disbursement for December?
Group of answer choices

220,767

Answer not given

206,673

181,782

212,517
The auditor of BALANZ CORPORATION prepared the following information:
  30-Nov 31-Dec
Cash in bank account balance 15,822 39,745
Bank statement balance 107,082 137,817
Deposit in transit 8,201 12,880
Outstanding checks 27,718 30,112
Bank service charge 72 60
NSF check returned on December 10 but was redeposited   8,250
the same day. The company did not record the redeposit.
Customer notes collected by the bank 71,815 80,900

On December 31 of the current year, the company books showed P236,452 cash
receipts and the bank statement showed P218,373 bank charges.
How much is the adjusted cash in bank balance on December 31 of the current year?
Group of answer choices

87,565

122,513

Answer not given

112,335

137,817
Because of poor internal control, the auditor believes that the cashier who also acts as
the bookkeeper has committed misappropriation of cash.
On December 31 of the current year, the cash book showed a balance of P65,684.88,
which included undeposited receipts of P10,770.08 per count. A credit of P800
representing deposit on the bank statement did not appear on the books of the
company. The bank statement had a balance of P57,996.00 as of December 31 of the
current year.
Outstanding checks were traced by the auditor as follows:
Check number Amount
210667 472.80
210671 520
210693 1,013.00
210734 762.84
210737 1,627.20
210749 661.16

The cashier prepare the following bank reconciliation:

Balance per books 65,684.88
Add: Outstanding checks
          Check No. 0210734 762.84
          Check No. 0210737 1,627.20
          Check No. 0210749 661.16
Total 68,736.08
Less: Undeposited collections 10,770.08
Balance per bank 57,966.00

How much is the adjusted cash balance that will appear in the financial statement of the
current year?
Group of answer choices

66,484.88

Answer not given

52,909.00

57,166.00

63,679.08
Because of poor internal control, the auditor believes that the cashier who also acts as
the bookkeeper has committed misappropriation of cash.
On December 31 of the current year, the cash book showed a balance of P65,684.88,
which included undeposited receipts of P10,770.08 per count. A credit of P800
representing deposit on the bank statement did not appear on the books of the
company. The bank statement had a balance of P57,996.00 as of December 31 of the
current year.
Outstanding checks were traced by the auditor as follows:
Check number Amount
210667 472.80
210671 520
210693 1,013.00
210734 762.84
210737 1,627.20
210749 661.16

The cashier prepare the following bank reconciliation:

Balance per books 65,684.88
Add: Outstanding checks
          Check No. 0210734 762.84
          Check No. 0210737 1,627.20
          Check No. 0210749 661.16
Total 68,736.08
Less: Undeposited collections 10,770.08
Balance per bank 57,966.00

How much is the cash misappropriated by the cashier (cash shortage)?

Group of answer choices

3,051.20

800.00

2,805.80

5,057.00