petty cash journal grade 10 accounting
It reflects all transactions that took place in that account, within a specified time. GRADE 10 CLASS TEST POSTING TO THE LEDGER 50 minutes; 70 marks INSTRUCTIONS: 1. Petty Cash Book Wages Journal posting to General Ledger Bank Reconciliation 3. Petty Cash is a small amount of cash that needs to be kept in the office for the utilization of daily small expenditures.
Chapter 11 - Petty Cash book and imprest system May: 11: Paid to K & Co. $1,880 cash and received discount of $120 May: 14: Paid bi-weekly salaries $550. The totals in the journal are then used as the basis for a journal entry into a company's general ledger . May: 02: Paid $680 cash to S & Co. and received a cash discount of $20. The accounting system has a provision to create a separate fund to meet day to day small expenses which is known as Petty Cash Fund.
Petty cash accounting examples Let’s say you designate $75 to your petty cash fund. 2. Cash flow 7. The petty cash journal contains a summarization of the payments from a petty cash fund.The totals in the journal are then used as the basis for a journal entry into a company's general ledger.This journal entry lists petty cash expenditures by expense type. NOTE: You are not required to fill in folio numbers on the journals given. Petty Cash Accounting Journal Template. You are provided with complete cash journals of Mars & Sons who are a stationery shop that sell to the public at a mark-up of 60% on cost. Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fares, fuel, newspapers, cleaning, pins, and causal labor etc. The petty cash journal contains a summarization of the payments from a petty cash fund. This journal entry lists petty cash … In this case, the cash needed to get back to $100 ($100 fund – $7.40 petty cash on hand) of $92.60 equals the total of the petty cash vouchers. The journal entry to start a petty cash fund only happens once - when the petty cash is first taken out of the cash bank account and put into the petty cash fund. Petty Cash Accounting Example : XYZ LLP creates a petty cash fund of $15,000/- on 1 Apr 2016.
Example. Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash needs. In the company, the petty cash book is usually maintained by the administrative department of the company as the accounts departments are usually occupied by the larger business transactions and also the admin department is only responsible for such kind of expenses. The self-study guide deals with the following topics: 1.
The person who is responsible for the recording the receipts and the payments is known as the petty cashier. A person who is in possession of the cash in the organization is generally called cashier.
Petty cash voucher. 01: Paid rent for the month $900. Petty cash is the easily accessible small amount of money kept by a business organizations for expenditures on small items. So, petty cash book is the cash book that records the petty expenses. Petty cash is stored in a petty cash drawer or box near where it is most needed. This Fixed Fund System Method is an accounting method in which petty cash … Sometimes, the petty cash custodian makes errors in making change from the fund or …
Petty Cash Journal Subject: Accounting subsidiary journal used to record all petty expenses. This is in addition to the regular cash receipts journal and cash payments journal. Year: 2016 May. Chapter 10 - Three Column cash book In this unit you will learn how to prepare a three column cash book and the different types of discount. MINISTRY OF EDUCATION, ARTS AND CULTURE JUNIOR SECONDARY PHASE ... Grade 9 in 2018 ACCOUNTING SYLLABUS GRADES 8 & 9 .
During the month of April 2016, following disbursement were made from cash fund: The purpose of this guide is to assist teachers and learners in Grade 10 - 12 to manage and provide a detailed study of the Accounting processes.