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  PRACTICAL ACCOUNTING 1C.T.ESPENILLACASH AND CASH EQUIVALENT (PAS 7) 1.On December 31, 2008, the cash account of Germany Corporation shows the followingcomposition!etty cash fun , !30,000# Cash in ban$ %payroll fun &, !2,000,000# 'ra(el fun , !1)0,000# *nterest an i(i en fun , !2)0,000# 'a+ fun , !120,000# Cash in ban$ %current account&, !3,000,000# Certificate of eposit %0- ay term&, !1,000,000# Certificate of eposit %180- ay term&, !1,)00,000# Cash in foreign ban$-restricte , !)00,000# oney mar$et fun %/0 ays&, !)00,000# oney mar$et fun %/ months&. !00,000# Customers chec$ ate anuary 1), 200, !/0,000# Customers chec$ ate December 30, 2008 returne by the ban$ for lac$ of fun s, !0,000#  30- ay 45! treasury bill, !1,000,000#  3-year treasury bill ac6uire three months prior to maturity, !1,200,000# 5in$ing fun cash, !800,000# !referre 7e emption fun , !00,000# Contingent fun , !300,000# *nsurance fun , !200,000# un for the ac6uisition of long li(e assets, !)00,000# 'ra(elers chec$, !/0,000# an Cashiers chec$s, !100,000.9hat is the correct cash an cash e6ui(alents balance to be reporte by Germany Corporation on December 31, 2008:a. ;,810,000c. ,10,000b. 8,210,000 . ,/10,0002.On December 31, 2008, <nglan Co.s Cash account balance per le ger of !3,/00,000 inclu esDeman eposit, !1,)00,000# Certificate of eposit-30 ays, !)00,000# =5 chec$ of customer, !20,000# oney ar$et !lacement % ue ate une 30, 200&, !1,000,000# 5a(ings eposit in close ban$, !)0,000# *O> from an employee, !30,000# !ension fun , !00,000# !etty cash fun , !10,000# Customers chec$ ate anuary 31, 200, !/0,000#Customers chec$ outstan ing for 18 months, !30,000. itional information ã Chec$ of !00,000 in payment of an accounts payable was recor e on December 31, 2008, but was maile to cre itors on anuary 1), 200. ã Chec$ of !)0,000 ate anuary 1, 200 in payment of accounts payable was recor e an maile on December 31, 2008. ã 'he company uses the calen ar year. 'he cash receipts ?ournal was hel open until anuary 1), 200, uring which time, !200,000 was collecte an recor e on December 31, 2008.@ow much ACash an Cash e6ui(alentsB shoul be shown on the December 31, 2008 balance sheet:a. 1,/0,000c. 2,1/0,000b. 2,0)0,000 . 2,3/0,000  ReSA  The Review School of Accoun!nc   Tel. No. #$%&'()# * #$+&$'('  ReSA: The Review School of Accountancy   Page 2 3.On pril 1, 2008, 4urma *nc. establishe a petty cash fun for !0,000 by writing a chec$ rawn against the general chec$ing account. On pril 30, the fun containe the followingCurrency an coins, !12,000# !ai (ouchers for office supplies, !1/,000# 7eceipts for postage still unuse , !8,000# !ai (ouchers for transportation, !2,00.On pril 30, the company wrote a chec$ to replenish the fun .uestion 1 9hat is the amount of the replenishment un er the imprest system:a. 12,000c. 28,000b. 2,000 . 0,000uestion 2 9hat is the amount of the replenishment un er the fluctuating system:a. 12,000c. 28,000b. 2,000 . 0,000uestion 3 9hat is the amount of the shortageo(erage un er the imprest system:a. 800c. 2,00b. 1,/00 . 3,200.'rini a Co. pro(i e the following ata for the purpose of reconciling the cash balance per boo$4alance per boo$!1;0,000Outstan ing chec$s %inclu ing certifie chec$ of !20,000&100,000Deposit in transit0,000December =5 chec$ %of which !10,000 ha been re eposite an cleare on December 2;&30,000<rroneous cre it to 'rini a s account, representing procee s of a loan grante to another company/0,000!rocee s of note collecte by ban$ for 'rini a , net of ser(ice charge of !,0001)0,000<rroneous ban$ charge3,000 chec$ of !),000 in payment of account was recor e by the company as)00uestion 1 'he correct cash balance to be shown in the companys December 31, 2008 balance sheet isa. 28),)00c. 33),)00b. 2),)00 . 3),)00uestion 2 'he cash in ban$ balance as shown in the ban$ statement on December 31, 2008 isa. 3;2,)00c. 3;2,)00b. 382,)00 . 32,)00).*n your au it of Georgia Corp. as of December 31, 2008, you ascertaine the following EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE PRACTICAL ACCOUNTING 1 , CASH AND RECEIVA-LES  ReSA: The Review School of Accountancy   Page 3 4alance per boo$!/00,0004an$ charges1,)004alance per ban$/0),000Deposit in transit180,000Customer note collecte by the ban$22),000*nterest on customer note,000Customer chec$ returne =53;,)00Depositors note charge to account1)0,0009hat is the total amount of outstan ing chec$s:a. 10,000c. 1/0,000b. 300,000 . 1/),000 /.'he following information was inclu e in the ban$ reconciliation for rance Corp. ssume all other reconciling items are liste belowChec$ an charges returne by the ban$ in une inclu ing a une ser(ice charge of !),000, !00,000# Chec$ issue by company for !,000 was recor e at !00# <rroneous ban$ ebit, !/,000# 5er(ice charge ma e by ban$ in ay an recor e in the boo$s in une, !10,000# 'otal cre its to cash in all ?ournals uring une !800,000# Customers =5 chec$ returne as ban$ charge in une %no entry ma e on boo$&, !100,000# Customers =5 chec$ returne in ay an re eposite in une %no entry ma e on boo$s in either ay or une&, !)0,000# Customers =5 chec$ in ay an recor e in une, !20,000# Outstan ing chec$s at ay 31, !200,000.9hat is the total outstan ing chec$ on une 30:a. 1;2,00c. 18,100b. 1;8,00 . 23,100;.'he following information was inclu e in the ban$ reconciliation of 5waFilan Corp. onDecember 31, 2008'otal recor e company receipts for December!8)0,000Cre it memo for =o(ember recor e in December/0,000Cre it memo for December not yet recor e 80,000<rroneous receipt by the company uring December, no correction was ma e until the following year)0,000<rroneous ban$ isbursement in December correcte by ban$ in December18,000'otal receipts per ban$ in December00,000Deposit in transit, December 31100,0004oo$ receipt for !0,000 in December recor e by the company as,000'he total eposit in transit for =o(ember 30 isa. 23,000c. 131,000b. 13,000 . 81,0008.7oc$ Company ha the following ban$ reconciliation at arch 31, 20084alance per ban$ statement331!/),000 EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE PRACTICAL ACCOUNTING 1 , CASH AND RECEIVA-LES  ReSA: The Review School of Accountancy   Page 4   Deposit in transit!100,000 Debit memo 10,000 110,000'otal );),000ess Outstan ing chec$s !12),000Cre it memo /0,000 18),0004alance per boo$, 331!30,000ll reconciliation items at arch 31, 2008 cleare through the ban$ in pril. Outstan ing chec$s at pril 30, 2008 totale !;),000# Deposit in transit amounte to!1)0,000# Cre it memo for pril, !80,000# Debit memo for pril, !1),000# 4an$ receipts for pril, !/00,000# an ban$ isbursement in pril, !)00,000.uestion 1 9hat is the amount of cash receipts per boo$s in pril:a. )0,000c. /)0,000b. /30,000 . ;)0,000uestion 2 9hat is the amount of cash isbursement per boo$s in pril:a. 3),00c. /),000b. ),000 . )00,000 LOANS AND RECEIVA-LES (PAS 32, PAS 39, PFRS 7) .On December 31, 2008, the 7ecei(able account of George Corporation shows a ebit balance of !),)0,000. 5ubsi iary etails show the following compositionccounts recei(able, !;2),000# oans recei(able, !100,000# *nstallment recei(ables, normally ue 1 year to 2 years, !300,000# Customers accounts reporting cre it balancesarising from sales returns, !30,000#  (ance payments for purchase of merchan ise, !1)0,000# Customers accounts reporting cre it balances arising from a (ance payments, !20,000# Cash a (ances to subsi iary, !00,000# Claim from insurance company, !1),000# 5ubscription recei(able ue in /0 ays, !300,000# ccrue interest recei(able, !10,000# Deposit on contract bi s, !3,000,000 an  (ances to sharehol ers %collectible in 2010&, !1,000,000.@ow much is the amount to be presente as tra e an other recei(ables un er the currentassets section of the balance sheet:a. ;2),000c. 1,)0,000b. 1,12),000 . 1,/00,00010.On anuary 1, 2008, 5wiss *nc.s 'ra e recei(ables has an outstan ing balance of !)00,000. 4elow are the transactions in its recei(ables an other elate accounts uring 20085ales on account, !;,200,000# ccounts recei(able written off ue to impairment, !)0,000# =otes recei(able to settle accounts, !800,000# !urchases on account, !;,800,000# !ayments to cre itors, !/,00,000# !urchase iscounts, !)20,000# 5ales returns, !30,000# Collections recei(e to settle accounts, !,00,000# =otes gi(en to settle accounts, !)00,000# !urchase returns, !10,000, !ayments of notes, !200,000#  EEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE PRACTICAL ACCOUNTING 1 , CASH AND RECEIVA-LES

8 Intro Molding

Jul 23, 2017
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