Question

LockUp Corporation has the following items in the Petty Cash and Cash Collections combined as of as of January 5, 2020 during the checking of Cash for December 31, 2019 balance sheet.

a.    Bills and Coins

Denomination	Bundle of 100 pcs	Rolls of 50 coins	Loose
P 500	1		9
100	2		27
50	3		5
20	5		4
10			10
5		6	4
1		10	20
.25		40	16

b.    Checks

Maker	Payee	Date	Amount
Baran - Customer	LockUp	12/30/2019	P 11,920
Catapang-Customer	LockUp	12/26/2019	12,505
Torres- Customer	LockUp	01/02/2020	5,707
Sherwin-Customer	LockUp	12/21/2019	13,350
Alusen-Officer	Cash	01/15/2020	310
LockUp Corp.	LoveIT Corp.	12/27/2019	14,500
Laurel- Return of Advances	Cash	12/29/2019	260

c.    Vouchers and IOUs

Transportation Expenses	01/02/2020	P35
Postage Stamps	12/20/2019	150
Christmas Party Expenses	12/23/2019	6,290
IOU - Villegas	12/27/2019	300

d.    Cash Sales Invoices (all currencies No. 15903 to 16112), P 100,500.

e.    Official Receipts (Representing Collections)

Official Receipts	Amount	Form of Collection
31250	P 560	Cash
31251	12,505	Check
31252	1,202	Cash
31253	11,920	Check
31254	13,350	Check

f.     Stamps of Various Denominations amounted to P 80.

g.    A notation on a sheet of paper as follows: Proceeds from employee contribution for Christmas Party, P 9,500.

h.    Petty Cash Per Ledger, P 15,000.

1.    Compute the Petty Cash Shortage as of January 1, 2020. _____________________

2.    Compute the correct amount of Petty Cash Fund to be reflected in the December 31, 2019 balance sheet ____________________________

3.    Compute the total Cash that does not belong to Petty Cash Fund ___________________

Answer 1

The cells highligted in yello are not part of Petty Cash

a) Bills and Coins
500	1	100	50000	9	4500	54,500
100	2	100	20000	27	2700	22,700
50	3	100	15000	5	250	15,250
20	5	100	10000	4	80	10,080
10				10	100	100
5	6	50	1500	4	20	1,520
1	10	50	500	20	20	520
0.25	40	50	500	16	4	504
Cash Balance	105,174
b) Checks
Laurel	12/29/2019	260
Cash Sales	100500
Official Receipts
31250	560
31252	1202
	1762

1) Petty cash balance as of January 1, 2020
Petty Cash Ledger	15,000
christmas Party	(6,290)
IOU	(300)
Balance as on January 1, 2020	8,410