(a) Why do some businesses keep a petty cash book as well as a cash book? (b)...
Question:
(a) Why do some businesses keep a petty cash book as well as a cash book?
(b) Kathryn Rochford keeps her petty cash book on the imprest system, the imprest being £25. For the month of April 2013 her petty cash transactions were as follows:
(c) Open the ledger accounts to complete the double entry for the following:
Transcribed Image Text:
Apr 1 Petty cash balance 2 Petty cashier presented vouchers to cashier and obtained cash to restore the imprest 4 Bought postage stamps 9 Paid to Courtney Bishop, a creditor 11 Paid bus fares 17 Bought envelopes 23 Received cash for personal telephone call 26 Bought petrol 1.13 23.87 8.50 2.35 1.72 0.70 0.68 10.00 (i) Enter the above transactions in the petty cash book and balance the petty cash book at 30 April, bringing down the balance on 1 May. (ii) On 1 May Kathryn Rochford received an amount of cash from the cashier to restore the imprest. Enter this transaction in the petty cash book.
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a Some businesses keep a petty cash book in addition to a main cash book for several reasons Small Transactions Petty cash is used to handle small incidental expenses that occur within a business Inst...View the full answer
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Related Book For
Frank Woods Business Accounting
ISBN: 9780273759287
12th Edition
Authors: Frank Wood. Sangster, Alan
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