Answered: You are required to write-up the petty…

Business

Accounting

You are required to write-up the petty cashbook.

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter5: Internal Control And Cash

Section: Chapter Questions

Problem 2SEQ

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AMMAH Ventures operates a Petty Cash on the imprest system with a float of GHC600. Reimbursements are made such that cash on hand does not fall below GHC72. Below is a summary of Petty Cash transactions for the period to 31 July, 2017 GH Cedis July 1 Received reimbursement by cheque from cashier 504 July 3 Paid Wages 204 July 5 Paid Rent and Rates 90 July 7 Paid Wages and Salaries 180 July 8 Paid Electricity 51 July 11 Paid for transport 18 July 12 Paid for transport 24 July 13 Paid Wages 108 July 14 Paid Rent and Rates 33 July 15 Paid Wages 132 July 17 Paid Koo Nimo a creditor 110 July 18 Paid for transport 60 July 19 Paid Electricity 15 July 20 Paid K. Ansah a creditor 24 July 21 Paid for transport 21 July 25 Paid Rent and Rates 108 July 29 Paid Wages and Salaries 288 July 31 Paid for transport 84 Required: You are…
QI AL- Kauther Company deposits all receipts and makes all payments by check. The following information is available from the cash records. 1- The bank statement for August 2014 shows an ending balance of $ 3490. 2- On August 31 the bank statement shows charges of $35 for the service charge for maintaining the checking account. 3- On August 28 the bank statement shows a return item of $ 100 plus a related bank fee of 10$. The return item is a customer's check that was returned because of insufficient funds. The check was also marked "do not redeposit." 4- The bank statement shows a charge of $80 for check printing on August 20. 5- The bank statement shows that $8 was added to the checking account on August 31 for interest earned by the company during the month of August. 6- The bank statement shows that a note receivable of $1,000 was collected by the bank on August 29 and was deposited into the company's account. On the same day, the bank withdrew $40 from the company's account as a…
On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
On October 1, 2020, Faith Company established an imprest petty cash fund by issuing a check for P2,000 to Joy Youz, the custodian of the petty cash fund. Faith Co. allows expenses of P1,000 and below to be charged to Petty Cash Fund. Any expenditure beyond this amount will require check issuance to the payee. October petty cash transactions were as follows: Date PCV # Transaction Amount 02-Oct 1 Freight paid to MamaMove on merchandise purchase P400.00 05-Oct 2 Cash advance of a co-employee 500.00 07-Oct 3 One week cellphone load of the liaison personnel 100.00 08-Oct 4 Purchase of office supplies 550.00 10-Oct 5 Reimbursement of transportation expenses of the liaison personnel 300.00 12-Oct Petty cash replenishment, Check # 002357 12-Oct Increase in petty cash fund to P3,000.00, Check # 002358 14-Oct 6 One week cellphone load of the liaison personnel 100.00 14-Oct 7 Reimbursement of transportation expenses 300.00 15-Oct 8 Snack treat to the…
6. Keli Trading maintain a petty cash book based on the imprest system since its commencement. At the end of the period, the amount spent will be reimbursed to the petty cashier. Below are the summary of the petty cash transactions provided by Keli Trading for the month of October 2011. RM October 1 Cash float 300 3 Paid postages 50 4 Purchased envelopes 3 5 Paid cleaning 30 7 Paid ticket bus 15 10 Paid petrol 15 13 Bought pen and pencils 5 15 Bought paper clips 10 18 Bought stamps 6 19 Paid petrol 20 22 Paid taxi fares 15 25 Printing paper 29 29 Purchased stamp pad ink 45 30 Paid cleaning 30 Required: Prepare a petty cash book for Keli Trading for the month of October 2011 with analysis columns for expenditure on cleaning, postages, stationery and travelling.
The following items are found in the cash account of AAA Company at December 31, 2021. The company’s controller asks your opinion whether the items listed below should be considered as part of cash account and come up with an adjusting entry to adjust the cash account.• A check worth P288,000 from customer who paid the account net of the 4% discount. The company records the transaction as credit to Accounts Receivable for the proceeds.• Postage stamps, P1,000;• Cash in closed bank (F Bank), P195,000;• Redemption fund, P300,000;• Sinking fund, P300,000. This will be used on May 1, 2022 to redeem the bonds payable;• Change fund, P25,000;• X Bank Checking Account No. 0004568, P410,000.• Y Checking Account No. 0002347, P275,000.;• Overdraft in Z Checking Account No. 00011256, P150,000 resulting from a withdrawal of a company’s check dated January 3, 2022 in payment of account, P450,000. This was recorded in the company’s disbursement ledger at December 31, 2021;• Overdraft in X Checking…
Here is the following information given for Amazon Traders account. The reconciliation on June 30 showed that the Bank Ledger Account had a credit balance (overdraft/owing) of $3,182.90. The Bank Statement had reconciled to the Bank Ledger Account after allowing for: An outstanding deposit $733.10 and ● • Unpresented cheque #324856 for $934.02 July Cash Receipt and Payments: Extract Cash Receipts Book of Amazon Traders 02/07 07/07 11/07 11/07 12/07 21/07 30/07 BMS Bank Statement for the month of July Date Particulars Brought forward 01/07 Cheque #324875 The BMS Bank Bank Statement for Amazon Traders Debit Credit Cash/cheques deposit 02/07 Cash/cheques deposit 05/07 Cheque #324856 07/07 Cash/cheques deposit 11/07 Cash/cheques deposit 12/07 Cheque #324877 Cash/cheques deposit $ 1,446.52 01/07 3,486.72 04/0 1,538.90 08/07 436.84 12/07 2,360.20 15/07 1,039.30 20/07 846.76 28/07 15/07 Cheque book fee 17/07 Cheque #324879 18/07 Cash/cheques deposit 21/07 Cheque #324878 24/07 L. Mami cheque…
QUESTION 3 Megah Berani Enterprise received monthly bank statement for the month of December 2021. The bank statement showed the following: MAYBANK BERHAD BANK STATEMENT AS AT 31 DECEMBER 2021 Cheque No. Date Particulars Debit Credit Balance RM RM RM 1 Dec Opening balance 75,000 4 Dec Credit transfer 6 Dec Cheque 8,800 83,800 123475 12,000 71,800 6 Dec Deposit BMB213492 34,000 105,800 7 Dec Deposit CIMB247022 43,000 148,800 16 Dec Deposit BIB121331 29,500 178,300 17 Dec Cheque return 18 Dec Cheque BIB121331 29,500 148,800 BSN249081 10,000 158,800 23 Dec Cheque 123477 45,000 113,800 29 Dec Standing order 16,000 97,800 30 Dec Cheque 123478 21,000 76,800 30 Dec Deposit 31 Dec Bank Charges BIB346483 6,000 82,800 250 82,550 31 Dec Dividend/interest 275 82,825 31 Dec Credit transfer 5,300 88,125 The cash book of Megah Berani Enterprise is as below; Cash Book (Bank Column) RM Date Details Date Dec. Details Dec 6 TNB- Electricity Chq. No. 123475 15 Kaktus Trading Chq. No. 123476 23 Salary &…
On December 31, 2020, the cash account of Jungkook Company showed a balance of P396,980. Upon examining the cash records and the bank statement, the following information were determined. There was a bank service charge of P 1,500 for the month of December There was a credit memo for a note collected by the bank for Jungkook. The customer’s note is P90,000 with interest of P2,600. The bank charged a collection fee of P550 December 31, 2020, receipts for P289,000 were deposited only on January 2, 2021 Checks issued which have not yet cleared the bank as at December 31,2020 amounts to P186,610 There is a debit memo for P45,320 for a customer’s checked returned marked “DAIF” A receipt of P90,000 had been entered as P60,000 in the cash book. Check # 12345 issued amounting to P49,100 was erroneously recorded as P41,900 and check # 12346 issued in the correct amount of P5,820 had been taken up as P58,200. Jungkook’s correct amount of cash presented in its December…
The Cash account of Lydia reported a balance of RM2, 540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank statement, which came from Park Bank, listed the December 31 balance of RM3, 340. Included in the bank balance was a collection of RM510 on account from Bella, a Lydia customer who pays the bank directly. The bank statement also shows a RM30 service charge and RM20 of interest revenue that Lydia earned on its bank balance. Prepare Lydia's bank reconciliation at December 31.
You were assigned to account for the Cash account of Dragon Ball, Inc. for the year ended December 31, 2007. Your cash count of the Petty Cash Fund and undeposited collections as of that date showed the following: P 3,595.01 1,920.75 Currency and coins Expense vouchers Employees' IOUS Customers' checks in payment of accounts 573.50 2,500.00 P 8,589.26 Total The amount of Petty Cash Fund per general ledger is P6,000. Upon comparing the official receipts with the bank validated deposit slips, you noted that P3,025.60 was not yet deposited to the bank. 7. What is the amount of cash shortage? What is the amount of Petty Cash Fund to be shown on December 31, 2007 balance sheet? 8.
The Cash account of ReeseCorporation had a balance of $3,540 at October 31, 2018. Included were outstanding checkstotaling $1,800 and an October 31 deposit of $300 that did not appear on the bank statement.The bank statement, which came from Turnstone State Bank, listed an October 31 balance of$5,570. Included in the bank balance was an October 30 collection of $600 on account froma customer who pays the bank directly. The bank statement also showed a $30 service charge,$10 of interest revenue that Reese earned on its bank balance, and an NSF check for $50.Prepare a bank reconciliation to determine how much cash Reese actually had at October 31.