ACC101 Tutorial Qs
Aug.intake 2021 Week 7
Exercise 11.2
Composition of cash
On 30 June, Sophisticated Coffee had the following on its premises:
1. 18 blank cheque forms
2. a cheque for $275 received from a customer on 28 June but dated 1 July
3. cheques dated 28–30 June for the total amount of $2384 received from customers on
30 June.
4. postage stamps to the value of $12.10 [Revenue stamps]
5. a $600 IOU (I Owe You – Letter) from an employee representing a short-term loan
6. currency and coin, $872.
Required
(a) What total dollar amount should be included in ‘cash’ at 30 June?
(b) Explain how any items not included in ‘cash’ should be reported in a balance sheet
