Reference no: EM133254168
AMD.SVA Company established a petty cash fund of P50,000 with the following information:
1. Coins and currency - P22,500
2. Petty cash vouchers for:
Gasoline - P3,000
Medical supplies - P1,000
Repairs - P1,000
IOU from an employee - P3,500
a. Check drawn payable to the order of Ame Sad, petty cash custodian, representing her salary - P15,000
b. Check of an employee returned by bank marked "NSF" - P3,000
c. A sheet of paper with the names of several employees together with a contribution for a birthday party and attached to the sheet of paper is a currency of P5,000
Requirement (With solutions):
What amount of petty cash fund should be reported?
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