CEBU CPAR CENTER, INC. www.Cebu-CPAR.

com

AUDIT OF CASH AND CASH EQUIVALENTS

PROBLEM NO. 1
In connection with Current account at P2,000,000
your audit of Metrobank
Caloocan Corporation
for the year ended
December 31, 2006,
you gathered the
following:
1.

Current account at (100,000)

2. BPI

Payroll account 500,000

3.

Foreign bank account 1,000,000

4. – restricted (in
equivalent pesos)
Postage stamps 1,000
5.

Employee’s post dated 4,000

6. check

IOU from controller’s 10,000

7. sister

Credit memo from a 20,000

8. vendor for a purchase
return
Traveler’s check 50,000
9.

Not-sufficient-funds 15,000
10. check

Money order 30,000

11.

Petty cash fund 10,000

12. (P4,000 in currency
and expense receipts
for P6,000)
Treasury bills, due 200,000
13. 3/31/07 (purchased
12/31/06)
 Treasury bills, due 300,000
14. 1/31/07 (purchased
1/1/06)

CEBU CPAR CENTER, INC. www.Cebu-CPAR.com

AUDIT OF CASH AND CASH EQUIVALENTS

PROBLEM NO. 1
In connection with Current account at P2,000,000
your audit of Metrobank
Caloocan Corporation
for the year ended
December 31, 2006,
you gathered the
following:
1.

Current account at (100,000)

2. BPI

Payroll account 500,000

3.

Foreign bank account 1,000,000

4. – restricted (in
equivalent pesos)
Postage stamps 1,000
5.

Employee’s post dated 4,000

6. check

IOU from controller’s 10,000

7. sister

Credit memo from a 20,000

8. vendor for a purchase
return
Traveler’s check 50,000
9.

Not-sufficient-funds 15,000
10. check

Money order 30,000

11.

Petty cash fund 10,000

12. (P4,000 in currency
and expense receipts
for P6,000)
 Treasury bills, due 200,000
13. 3/31/07 (purchased
12/31/06)
Treasury bills, due 300,000
14. 1/31/07 (purchased
1/1/06)

CEBU CPAR CENTER, INC. www.Cebu-CPAR.com

AUDIT OF CASH AND CASH EQUIVALENTS

PROBLEM NO. 1
In connection with Current account at P2,000,000
your audit of Metrobank
Caloocan Corporation
for the year ended
December 31, 2006,
you gathered the
following:
1.

Current account at (100,000)

2. BPI

Payroll account 500,000

3.

Foreign bank account 1,000,000

4. – restricted (in
equivalent pesos)
Postage stamps 1,000
5.

Employee’s post dated 4,000

6. check

IOU from controller’s 10,000

7. sister

Credit memo from a 20,000

8. vendor for a purchase
return
Traveler’s check 50,000
9.

Not-sufficient-funds 15,000
10. check

Money order 30,000

11.
 Petty cash fund 10,000
12. (P4,000 in currency
and expense receipts
for P6,000)
Treasury bills, due 200,000
13. 3/31/07 (purchased
12/31/06)
Treasury bills, due 300,000
14. 1/31/07 (purchased
1/1/06)