Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Dhenu Co. started a petty cash fund by issuing a cheque for $245 and Sudama was appointed as the petty cash custodian. Sudama recorded the
Dhenu Co. started a petty cash fund by issuing a cheque for $245 and Sudama was appointed as the petty cash custodian. Sudama recorded the following petty cash payments during the month: There was $13 of currency in the petty cash box at the time it was replenished. Prepare all general journal entries necessary to (1) establish the fund, (2) recognize the expenses and replenish the fund. ( 3 marks available) The Good Guys engaged in the following transactions during April of the current year (all expenses, purchases and sales include GST at a rate of 10%, values to the nearest integer): April 18: Sold inventory on credit terms of 2/10n/30,$3960 (cost, net of GST, \$2256). April 22: Received returned goods from the customer of the 18 June sale, \$1584 (cost, net of GST, \$816). April 28: Received cash in full settlement of the account from the customer who purchased inventory on 18 April, less the return on 22 April. Journalise the transactions. Narrations are not required (9 marks available)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started