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Question - The Manila Corporation was organized on January 15, 2019 and started operation soon thereafter. The Company cashier who acted also as the bookkeeper had kept the accounting records very haphazardly. The manager suspects him of defalcation and engaged you to audit his account to find out the extent of the fraud, if there is any. On November 15, when you started the examination of the accounts, you find the cash on hand to be P18,800. From inquiry at the bank, it was ascertained that the balance of the Company's bank deposit in current account on the same date was P200,000. Verification revealed that the check issued for P15,040 is not yet paid by the bank. The corporation sells at 30% above cost.
Your examination of the available records disclosed the following information:
Capital stock issued at par for cash
P 1,200,000
Land purchased and paid in full
500,000
Mortgage liability secured by real state
150,000
Machinery and equipment (gross) bought on which there is still balance unpaid of P15,000
125,000
Outstanding notes due to bank
200,000
Total amount owed to creditors on open account
275,250
Total sales
1,893,710
Total amount still due from customers
638,980
Inventory of merchandise on November 15 at cost
383,400
Expenses paid excluding purchases
426,120
Provide the following:
How much is the cash shortage as of November 15, 2019?
How much is the unadjusted cash balance as of November 15, 2019?
How much is the payments for purchases as of November 15, 2019?
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