Audit case no.2-Isabela Corp.

Bank Book
Unadjusted bal. 249,223.00 248,758.80
adjustments:
customer note collected 24,000.00
interest collected 240.00
nsf check (2,762.80)
bsc (300.00)
dep. In transit 22,857.40
undeposited checks 6,548.00
O/S checks (10,132)
erroneous rec. of checks drawn (1,440)
268,496 268,496

Audit case no. 3: Isabela Corp.

Proof of cash
May.31 June June.30
Bal. Receipts Disbursmt Balance
Balances per bank 272,348.40 528,423.40 551,548.80 249,223.00
deposit in transit-May 24,803.00 (24,803.00)
-june 22,857.40 22,857.40
undeposited checks on hand 6,548.00 6,548.00
Outstanding checks-May (7,521.00) (7,521.00)
-june 10,132.40 (10,132.40)

289,630.40 533,025.80 554,160.20 268,496.00

May.31 June June.30

Bal. Receipts Disbursmt Balance
Balances per books 289,630.40 508,785.80 549,657.40 248,758.80
bank collections:-June
note 24,000.00 24,000.00
interest 240.00 240.00
Bank service charge-june 300.00 (300.00)
nsf check 2,762.80 (2,762.80)
drawn check recorded in error-june
correct amt 1,824
recorded as 384 1,440.00 (1,440.00)

289,630.40 533,025.80 554,160.20 268,496.00

Audit case no. 4

Cash on hand 1,020.00
reconciled balance in PNB 9,350.00
Balance in Rural bank savings acct 8,560.00
Balance of cash 18,930.00

Audit case No. 5 Bank Book

bal 2,049.25 (325.60)
undeposited sales receipts 130.25
NSF check (420.40)
missing deposits (640.25)
bank collection 2,525.00
deposit in transit 350.00
overstate in recording cust. check (649.80)
Outstanding check (2,040.55)
adjusted bal. 488.95 488.95

Audit case no. 6

Bank Book
Balances 6,344.38 2,610.42
CM 460.00
SC (6.00)
understatement of deposit(8642.61-8624.61) 18.00
NSF check (69.69)
outstanding checks(589.02+2742.63) (3,331.65)
3,012.73 3,012.73

Audit case no. 7

Reversing/Correcting entries:
Sales 22000
Accounts receivable 18000
Cash 39640
Sales discount 360

Cash 26200
Purchase discount 250
Accounts payable 26450

Per BS After Adj

Cash 39,000 25,560
Receivables 42,000 60,000
Inventories 67,000 67,000
Current Assets 148,000 152,560
Current liabilities
Acounts payable 45,000 71,450
other current liabilities 14,200 14,200
Total current liabilities 59,200 85,650
Working capital 88,800 66,910

current ratio 2.5 1.78

2.5:1 1.78:1
Audit case No. 8

Bank reconciliation
Balance per bank statement 27,000
O/S checks (3,268)
cash on hand 9,228
Adjusted balance per bank 32,960

Balance per books 34,700

Bank collection 500
Balance per books 35,200

Shortage (2,240)
accounted for as follows:
understated outstanding check
corrent amount 3,268
as prepared 2,028 1,240
recording bank collections 2x in bank recon 1,000
2,240
Audit cash No. 1
Luzon Glass Company
Cash Count Sheet
Date of Count: __________ 01/04/2020: 9:00 AM

Denomination Qty Amount Total

Bills
100.00 9 900.00
50.00 25 1,250.00
20.00 50 1,000.00
10.00 120 1,200.00 4,350.00
Coins
5.00 205 1,025.00
1.00 815 815.00
0.25 1002 250.50
0.10 1540 154.00
0.05 800 40.00 2,284.50
Total bills & coins 6,634.50

Cash items:
Checks for deposit:
Date Maker Payee Amount
12/23/2019 R.Manalo Luzon Glass Company 600.00
12/26/2019 A.Cruz Luzon Glass Company 400.00 1,000.00

Petty Cash Fund vouchers

Date Payee Particulars Amount
12/16/2019 Rosario & Co, Supplies 145.00
12/18/2019 Victory liner freight-in 182.50
12/18/2019 Bureau of Posts Supplies 300.00
12/20/2019 A.Vallo Repairs 450.00
12/21/2019 B.Tello Misc. expense 154.00 1,231.50

Advances or I.O.U.s
Date Payee
12/16/2019 L.Cruz 100.00
12/20/2019 A.David 350.00
12/22/2019 R.Tirao 250.00
12/24/2019 P.Munar 150.00 850.00

Total amount of fund per count 9,716.00

Total amount of fund per books or receipts
Petty cash fund per ledger 9,000
Unclaimed wages per opened envelopes 580
Undeposited collections:
Cash sales, 1/2/2020 8650
Less: amount deposited 7650 1,000 10,580
Shortage (864.00)

I certify that the above fund of P9716.00 was counted in my presence by

(name of auditor) of Santos, Tan and Associates on January 4, 2020 and was
returned to me intact.
Ana Cruz
Cashier
Prepared by Reviewed by
initial date Initial: date

Requirement (2)
Adjusting journal entries-12/31/19
#1.
Supplies expense 445.00
Freight-in 182.50
Repairs & maintenance 450.00
Miscellaneous expense 154.00
Petty cash fund 1,231.50

#2. Advances to employees 850.00

Petty cash fund 850.00

#3.
Cash in bank 580
Wages payable 580

#4.
Accounts Receivable-cashier 864.00
Petty cash fund 864.00

Requirement #3.
Luzon Glass Company
Petty Cash Fund
Dec. 31, 2019

Balance per ledger 9,000.00

Add (Deduct) Adjustments
AJE (1) To take up unreplenished expenses (1,231.50)
AJE(2) To take up advances to emplyees (850.00)
AJE (4) To take up shortage per cash count (864.00)
Net Adjustments (2,945.50)
Balance as adjusted 6,054.50