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College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter6: Bank Accounts, Cash Funds, And Internal Controls

Section: Chapter Questions

Problem 2PA

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Question 5 Required (a) Enter the following in a multi-column petty cash book which is maintained on the imprest system: R 2007 March 1 Cash cheques from head cashier 600,00 Paid for c.o.d. parcel 4,23 3 Revenue stamps for legal documents 28,50 4 Donations for Police Orphans' Fund 10,00 6 Cleaner's wages 65,00 9 Repairs to typist's chair 16,95 10 Bouquet for director's wife 38,00 Soap, cleaning fluid and office towels 23,86 12 Repairs to office venetian blind 44,63 13 Cleaner's wages 65,00 16 Tea, coffee and sugar for staff 35,91 17 Flowers for director's meeting 40,00 18 Puncture-repair outfit for messenger's bicycle 9,47 Fortnightly milk account for staff teas 65,35 20 Cleaner's wages 65,00 24 Donation to Red Cross annual appeal 50,00 25 Paid for c.o.d. parcel 16,38 Cash cheque from head cashier for restoration of imprest 578,28 Postage stamps for overseas letters 28,17 27 Cleaner's wages 65,00 Donation to Famine Relief Fund 15,00 30 Wreath for funeral of accountant's wife 75,00 31 Revenue stamps for legal documents 30,00 _______________________________________________________________________ Financial Accounting I / © ICG / Page 19 (b) Rule off the month's transactions, bring down the relevant balance, and restore the imprest amount to R600.

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Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

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