MC35 Upon examination of the petty cash fund of Maverick Company on January 3, 2021, the following items were found:   Total bills and coins — P1,825 Certified check of general manager dated December 15, 2020 — P1,500 Petty cash vouchers (PCV's) not yet replenished: PCV #7163   Postage stamps — P280 PCV #7164   Supplies — P650 PCV #7165   IOU of employee — P500 Company check representing replenishment of petty cash fund — P5,150 Unused postage stamps — P120 An envelope containing contributions of employees for the death of a fellow employee (contents intact) — P3,000   What is the amount of cash shortage or overage? (with solution) a. P95 shortage b. P25 overage c. P215 shortage d. cannot be determined

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.