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UNIVERSITY OF SAN JOSE-RECOLETOS

CPA REVIEW SCHOOL


AUDITING PROBLEMS
Mr. PD E. Amparado, CPA
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1 C Correct amount of petty cash
Currencies and coins
152.00
2D

Petty cash accounted


(152+400+340+2,043.50)
Per ledger (accountability)
Petty cash shortage

2,935.50
3,000.00
64.50

3C

December deposits per bank


Note collected by bank in December
Total receipts in December

82,800.00
10,150.00
92,950.00

4A

December checks per bank


December service charge
Total bank disbursements in December

92,200.00
150.00
92,350.00

5A

December checks per books


November service charge recorded in December
Total book disbursements in December

94,100.00
100.00
94,200.00

6B

November deposits per books


November deposits per bank
Deposit in transit, November 30

73,600.00
71,100.00
2,500.00

7C

Deposits in transit, Nov 30


December deposits - collections
Total
December deposits per bank
Deposits in transit, Dec 31

2,500.00
82,200.00
84,700.00
-82,800.00
1,900.00

8D

Nov checks per books


Nov checks per bank
Outstanding checks, Nov 30

62,900.00
61,300.00
1,600.00

9A

Outstanding checks, Nov 30


December checks per books
Total
December checks per bank
Outstanding checks, Dec 31

1,600.00
94,100.00
95,700.00
-92,200.00
3,500.00

10 D

Correct cash in bank balance at Nov 30

50,600.00

11 B

Correct cash in bank balance at Dec 31

48,700.00

12 A

Correct book receipts in December

92,350.00

13 C

Correct bank disbursements in December

94,250.00

14 A

Bad debts expense


Allowance for bad debts

90,000.00
90,000.00

15 D

No catch-up entry.

16 B

Allowance for bad debts per books


2003 bad debts provision (6 million x 1.5%)
Allowance for bad debts, Dec 31

108,500.00
90,000.00
198,500.00

17 A

2001 income understated by

160,000.00

18 B

2002 income understated by

50,000.00

19 C

2003 income overstated by

277,000.00

20 A

Cost of Sales
Retained earnings
Inventory, end

277,000.00
210,000.00
67,000.00

Prob 2
21 B

Warranty payable 3.31.02


Warranty expense during the year
Total
Payments during the year
Warranty payable 3.31.03

22 D

Bond discount 10.1.97 ( 5million x .04)


Discount amortization 10.1.97 to 3.31.03
P200,000/10 X 5.5
Bond discount 3.31.03

-110,000.00
90,000.00

Bond interest payable 10.1.02 to 3.31.03


(5,000,000 x 12% x 6/12)

300,000.00

23 B

24 C

25 D

Notes payable (maturing 3.31.04


Accounts payable
Estimated warranty payable
Cash dividends payable (5,000,000 x P0.30)
Accrued interest
Notes payable
Bonds payable
Bonds payable
Face value
Unamortized bond discount
Notes payable

252,000.00
630,000.00
882,000.00
-537,000.00
345,000.00
200,000.00

2,400,000.00
560,000.00
345,000.00
1,500,000.00
340,000.00
300,000.00
5,445,000.00
5,000,000.00
-90,000.00
4,910,000.00
2,700,000.00
7,610,000.00

Problem 3
26 A

Accounts receivable 12.31.02


Sales for 2003
Recovery of accounts written off
Total
Collections from customers
Accounts written off
Accounts settled by issuance of note
Accounts receivable 12.31.03

900,000.00
7,500,000.00
15,000.00 7,515,000.00
8,415,000.00
6,540,000.00
75,000.00
300,000.00 6,915,000.00
1,500,000.00

27 A

Allowance for D/A 12.31.02


Recovery of account written off
Total
Accounts written off
Allowance for D/A 12.31.03 before adjustment

45,000.00
15,000.00
60,000.00
-75,000.00
-15,000.00

28 D

On past due accounts (P450,000 x 20%)


On current accounts (1,500,000 -450,000) x 5%
Required allowance

90,000.00
52,500.00
142,500.00

29 B

Required allowance
Debit balance of allowance before adjustment
Increase in allowance

142,500.00
15,000.00
157,500.00

30 D
Problem 4
31 C

Unadjusted per gl
#1
#2

240,800.00
-163,650.00
90,000.00
167,150.00

32 A

Accounts receivable
#1

33 B

Mdse. Inventory
#3 a
b
c
d

1,512,500.00
68,750.00
54,375.00
-159,375.00
32,500.00
1,508,750.00

34 D

Accounts payable
#2
#3 b
e

1,050,250.00
93,100.00
54,375.00
-43,750.00
1,153,975.00

563,500.00
77,500.00
641,000.00

35 A

Cash
Accounts receivable
Mdse. Inventory
Accounts payable
Accrued expenses

36 C

2,316,900 / 1,261,725

167,150.00
641,000.00
1,508,750.00
2,316,900.00
-1,153,975.00
-107,750.00
-1,261,725.00
1,055,175.00
1.84

PD E. Amparado, CPA
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