Audit Problem 1

An audit you conducted on Mandaluyong Corporation on December 31, 2020 shows the following information
on its financial statements:

Current Account BDO

Current Account PNB
Foreign bank account Restricted
(translated using the December 31,2020 exchange rate)
Treasury bills (acquired 3 months before maturity)
Treasury bills maturity date December 31, 2021)
Payroll account
Petty cash fund (P4,500 in currency and expense receipts for P18,000)
Traveler's check
Employee's postdated checks
Money order
Postage stamps
IOU from the company's vice-president
Credit memo from supplier for purchase return

Based on your findings, what would be the amount to be reported as "Cash and Cash Equivalents"
in the statement of financial position on December 31, 2020 for Mandaluyong Corporation? __________________

Audit Problem 2

Greenhorn Corporation has the following cash account balance per ledger as of December 31, 2020;

Petty cash fund of which P15,000 is in currency; 10,800 in the form of IOU's from
employees; 4,200 is supported by approved petty cash vouchers fro expenses all
dated prior to closing of the books on December 31, 2020.
Check dated June 1, 2020, drawn by the company against China Bank in payment
of custom duties. Since the importation did not materialize, the check was returned
by the custom broker. This check was outstanding check in the reconciliation of
China Bank.
Current account deposit with BDO
Cash collection on hand to be deposited to the bank
A customer's check returned by the bank marked NSF
A check drawn by Vice-President of the company dated January 15,2021
A check drawn by supplier dated December 28, 2020 for goods returned by the company
Overdraft with the China Bank secured by a chattel mortgage on the inventories
Cash balance per ledger

In the statement of financial position of Greenhorn Corporation on December 31, 2020, What amount of
Cash should be reported?______________
llowing information

202,500
(45,000)
3,000,000

450,000
2,250,000
585,000
22,500
31,500
6,750
19,350
1,875
12,000
12,150

__________________

30,000

615,000
1,350,000
525,000
225,000
105,000
90,000
(450,000)
2,490,000

at amount of