topic 10-2

Maasim Traders, a sole proprietorship business owned and managed by Mr. Jose Arcalo Boquecosa is using the imprest system of safeguarding its cash fund. All collections during the day is deposited intact the next day and all disbursements are done by issuing a check. Due to inconvenience of issuing a check for petty cash expenses, a petty cash fund of P5,000 was set-up. A week after, the petty cashier, Mrs. Adela Dago-oc had submitted the following petty cash vouchers for replenishment. Payee Date PCV No. Amount Nature of Business 01 June 5 6 02 03 7 04 8 9 Hector Dalocanog Noel Madelo Julius Lada Melgie Padayao Hector Dalocanog Julius Lada Hector Dalocanog Julius Lada P290.00 385.00 1,000.00 230.00 1,200.00 250.00 210.00 920.00 Travel and Transportation Office Supplies Postage & Communication Travel and Transportation Postage & Communication Travel and Transportation Office Supplies Postage & Communication 05 06 10 07 11 08 12 P4,485.00 B Required: 1. Entry to set up the petty cash fund 2. Prepare a summary of petty cash fund replenishment 3. Show in a journal entry form the replenishment of petty cash fund