ABC co established a Petty cash fund with RO 1000 and appointed Mr. Ahmed as custodian. At the end of the month, there were receipts for RO 250 postage, RO 256 office supplies, and RO 364 Petrol for company vehicles. There is overage of RO 20 The amount left in the petty cash box is. a)130 b)170 c)150 d)870

ABC co established a Petty cash fund with RO 1000 and appointed Mr. Ahmed as custodian. At the end of the month, there were receipts for RO 250 postage, RO 256 office supplies, and RO 364 Petrol for company vehicles. There is overage of RO 20 The amount left in the petty cash box is. a)130 b)170 c)150 d)870

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

On September 1, French company has decided to initiate a petty cash fund in the amount of $850. A. On September 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $37, Supplies $120, Postage Expense $260, Repairs and Maintenance Expense $168, Miscellaneous Expense $149. The cash on hand at this time was $111. B. On September 14, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $19, Supplies $170, Postage Expense $50, Repairs and Maintenance Expense $269, Miscellaneous Expense $59. The cash on hand at this time was $230. C. On September 23, the petty cash fund needed replenishment and the following are the receipts: Auto Expense $251, Supplies $90, Postage Expense $63, Repairs and Maintenance Expense $182, Miscellaneous Expense $251. The cash on hand at this time was $20. D. On September 29, the company determined that the petty cash fund needed to be increased to $1,000. E. On September 30, the petty…
a. Started a petty cash fund in the amount of $1,000.b. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30.c. The company has decided to reduce the petty cash fund to $600.
LINO INC established a petty cash fund for USD12,000. Before it was replenished, the petty cash box has the following items Bills and currencies 5, 400 Various employee checks in payment of IOUS 2, 350 An empty pay envelope labeled “salary of Employee Z” 1, 850 IOUS from employees 2, 100 Customer checks in payment of accounts with the company 4, 900 Unreplenished expense vouchers are: Supplies (USD 360 remains unused as of year-end) 1, 500 Representation 750 Transportation…
Vishunu
You are placed in charge of a $200 petty cash fund. On December 31, 20-2, at the end of the fiscal year, $30 in currency and coin remain in the fund. The expenditures from the fund up to this point were $105 for office supplies and $65 for delivery expense (ignore HST). You do not have the fund replenished until January 6, 20-3. (A-8) Explain why the petty cash fund should have been replenished on December 31, 20–2. Quote the above situation in detail and do the journal entry
A business maintains a petty cash book with an imprest of $50, which is restored on the first day of each month. On 31 March, there was $13.40 in the petty cash box and vouchers totalling $36.60. How much did the petty cashier receive from the chief cashier on 1 April? A $13.40 B $23.20 C $36.60 D $50
Record the following transactions: Started a petty cash fund in the amount of $1,000. Replenished petty cash fund using the following expenses: Auto $61, Office Expenses $23, Postage Expense $57, Miscellaneous Expenses $30. The company has decided to reduce the petty cash fund to $600.
On June 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,300. A. On June 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $372, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. The cash on hand at this time was $132. B. On June 14, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $425, Supplies $95, Postage Expense $240, Repairs and Maintenance Expense $299, Miscellaneous Expense $77. The cash on hand at this time was $180. C. On June 23, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $252, Supplies $188, Postage Expense $263, Repairs and Maintenance Expense $182, Miscellaneous Expense $203. The cash on hand at this time was $192. D. On June 29, the company determined that the petty cash fund needed to be decreased to $1,000. E. On June 30, the petty cash fund needed…
ABC LLC started a Petty cash fund.During the month the receipts were RO 135 petrol, 125 office stationery, RO 165 staff welfare and RO 75 travelling and there was RO 20 left in the petty cash box.There was overage in the Petty for RO 10.The Opening balance of Petty cash is. a. RO 510 b. RO 285 c. RO 490 d. RO 500 ****please reply soon and faste*********
11. The accountant for ABC established a petty cash fund of P2,000. During October. The fund was depleted by the following disbursements: Shipping expense, P850 Travel expense, P300 Postage expense, P190 Miscellaneous supplies, P195 In addition to receipts for the above items, the petty cash box contained P10 in coins and an IOU of P45 from the secretary handling the fund. The company uses a cash over and short expense account, as needed. The company decided to decrease the petty cash fund to P1,600. Determine the amount of cash short/ over. (sample answer – 100 short or 100 over) The correct answer is: 410 short
Suppose that on June 1, Cool Gyrations l, a disc jockey service, create a a petty cash with an impress balance of $400. During June, Ruth Mangan, fund custodian, signs the following petty cash ticket: On June 30, prior to replenishment, the fun contains these tickets plus cash of $246. The accounts affected cash payments are Office Supplies, Entertainment Expense l, and postage Expense .