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# PROBLEM 1.

## Henry Company had the following bank reconciliation at March 31:

Balance per bank statement, March 31 ₱ 93,000
Add: Deposit in transit 20,600
Total ₱113,600
Less: Outstanding checks 25,200
Balance per books, March 31 ₱ 88,400
Data per bank statement for the month of April follow:
Deposits ₱116,800
Disbursements ₱ 99,400
All reconciliation items at March 31 cleared through the bank in April. Outstanding checks at April 30 totaled
₱15,000. What is the amount of cash disbursements per books in April?

PROBLEM 2. In preparing its bank reconciliation at December 31, 2017, Smiley Company has the following
available data:
Balance per bank statement, December 31, 2017 ₱38,075
Deposit in transit, December 31, 2017 5,200
Outstanding checks, December 31, 2017 6,750
Amount erroneously credited by bank to Smiley’s account, December 28, 2017 400
Bank service charge for December 75
How much is Smiley’s adjusted cash in bank at December 31, 2017?

PROBLEM 3. The following data are gathered from the records of Aim Company for the month of December of
the current year.
Balance per book 5,000,000
Balance per bank 4,450,000
Deposit in transit 3,000,000
Outstanding check 850,000
Bank service charge for the month of December 50,000
Customer’s check returned by bank marked “NSF” 500,000
Customer’s note collected by bank (face, P2,000,000; Interest,
P200,000; collection fee, P50,000) 2,150,000
REQUIRED:
a. Prepare a bank reconciliation on December 31.
b. Prepare adjustments to correct the cash balance per book.

PROBLEM 4. From the following information, prepare a bank reconciliation statement. Also, prepare adjusting
entries on the books of Abba Company.
Abba Company
Date Check No. Withdrawal Deposits Balance
Dec. 2 100,000 100,000
18 104 10,000 90,000
20 101 5,000 85,000
22 106 25,000 60,000
27 50,000 110,000
29 10,000 120,000
29 103 40,000 80,000
29 CM 30,000 110,000
31 Service charge DM 2,000 108,000

MANILA BANK
Dec. 1 Deposit 100,000 Dec. 4 Check No. 101 5,000
21 Deposit 50,000 6 Check No. 102 15,000
27 Deposit 10,000 8 Check No. 103 40,000
31 Deposit 80,000 8 Check No. 104 10,000
10 Check No. 105 30,000
14 Check No. 106 25,000
28 Check No. 107 50,000
The credit made by the bank on December 29 represents the proceeds of a note received from a customer
which was given to the bank for reconciliation by the entity on December 26.

PROBLEM 5. As part of the internal control, Zen Company established a petty cash fund.
1. Established a petty cash fund of P10,000 on January 2.
2. Petty cash expenses – January 2-31 are:
Postage 1,500
Supplies 5,500
Transportation 1,200
Miscellaneous expense 800
3. The fund is replenished on February 1 and increased by P5,000.
REQUIRED: Prepare the necessary journal entries regarding the petty cash fund.

PROBLEM 6. Zeus Company provided the following transactions in relation to petty cash:
1. The entity established a petty cash fund of P10,000.
2. Petty cash disbursements were:
Postage 1,500
Supplies 2,000
3. Petty cash disbursements were:
Transportation 1,000
Miscellaneous expense 500
4. Petty cash disbursements were:
Supplies 1,000
Accounts payable 3,000
5. Issued check to replenish the fund.
6. Petty cash disbursements were:
Postage 2,000
Supplies 3,000
Transportation 4,000
7. Issued check for an amount to bring the balance of the petty cash to P20,000.
REQUIRED: Prepare the necessary journal entries regarding the petty cash fund.

PROBLEM 7. Prepare journal entries to record the following chronological transactions of Tuba Company
pertaining to its petty cash fund:
a. Establishment of a P20,000 petty cash fund.
b. Disbursements from petty cash fund:
Postage P 2,000
Office supplies 3,500
Transportation 1,800
c. Disbursements from petty cash fund:
Light and water P5,000
Telephone 4,000
Miscellaneous expense 2,800
d. Replenishment of the fund.
e. Disbursement from the petty cash fund:
Office supplies P4,000
Transportation 2,800
Postage 1,000
f. Replenishment of the fund and increasing the balance by P30,000. Before the replenishment, the following
items are found in the petty cash box:
Office supplies P6,500
Transportation 4,600
Postage 1,510
Currency and coins 2,420