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  • Audprob (Lecture 03 A - Front)

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    Leona Crisostomo
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    The bookkeeper-cashier of Tootsie Company absconded on March 18, 2020 taking a large portion of the company's cash and accounting records including cash journals and general ledgers. As an auditor, you have been tasked with determining the potential shortage the missing employee may be charged based on the available information. Balances on March 18, 2020 show accounts receivable of P442,550, accounts payable of P207,300, and cash in bank of P98,830. Transactions between January 2 and March 18, 2020 include sales of P5,876,170, $0 in cash sales, sales allowances of P18,330, a furniture purchase of P3,000, total merchandise

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    The bookkeeper-cashier of Tootsie Company absconded on March 18, 2020 taking a large portion of the company's cash and accounting records including cash journals and general ledgers. As an auditor, you have been tasked with determining the potential shortage the missing employee may be charged based on the available information. Balances on March 18, 2020 show accounts receivable of P442,550, accounts payable of P207,300, and cash in bank of P98,830. Transactions between January 2 and March 18, 2020 include sales of P5,876,170, $0 in cash sales, sales allowances of P18,330, a furniture purchase of P3,000, total merchandise

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    9 views1 page

    Audprob (Lecture 03 A - Front)

    Uploaded by

    Leona Crisostomo
    The bookkeeper-cashier of Tootsie Company absconded on March 18, 2020 taking a large portion of the company's cash and accounting records including cash journals and general ledgers. As an auditor, you have been tasked with determining the potential shortage the missing employee may be charged based on the available information. Balances on March 18, 2020 show accounts receivable of P442,550, accounts payable of P207,300, and cash in bank of P98,830. Transactions between January 2 and March 18, 2020 include sales of P5,876,170, $0 in cash sales, sales allowances of P18,330, a furniture purchase of P3,000, total merchandise

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    of 1

    PROBLEM APC – 06: TOOTSIE COMPANY

    The Bookkeeper – Cashier of Tootsie Company absconded on


    the evening of 03/18/20 at height of the Pandemic (when the
    government declared lockdown and suspension of some office
    works). Apparently, he took with him a large portion of the
    company’s cash. Likewise, he had taken some accounting records
    including the cash journals and the general ledgers. As an auditor,
    you are called upon to ascertain if possible, the shortage with which
    the missing employee maybe charged.
    You obtained the following information from the available
    journals, ledgers and supporting documents.

    Balances at close of business, 03/18/20:

    Accounts receivable P442,550


    Accounts payable 207,300
    Cash in bank, less check outstanding 98,830

    Transactions 01/02/20 to 03/18/20:

    Sales from the records of receivable clerk P5,876,170


    Cash sales -0-
    Sales allowances in customers’ accounts P18,330
    Cash purchase of furniture per dealer’s invoice 3,000
    Total merchandise purchases 3,615,260
    Expenses paid supported by paid invoices & payrolls 1,865,830
    Cash dividend declared, P50,000 (of which, P10,000
    remains unpaid) 40,000

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