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BA 99.1: Petty Cash Fund
Ex. 136
The petty cash cash fund of Php 200 for Walsh Company Company appeared appeared as follows follows on December December 31, 2011: Cash
Php 95.60
Petty cash vouchers Freight in Postage Balloons for a special occasion Meals
Php 19.40 40.00 18.00 25.00
Instructions
1. Briefly Briefly describe describe when when the petty petty cash cash fund fund should should be repleni replenished. shed. Becaus Because e there is cash cash on hand, is there a need to replenish the fund at year end on December 31? Explain. 2. Prepare in general general journal journal form the the entry entry to replenish replenish the fund. 3. On December December 31, the office office manager manager gives gives instruction instructions s to increase increase the petty petty cash fund fund by Php 100. Make the appropriate appropriate journal journal entry. entry.
Solution 136
1. Petty cash cash should should be replenished replenished on a periodic periodic basis basis or when the cash cash is low. low. It must be replenished on the balance sheet date so that the expenses represented by the petty cash cash vouchers can be recorded in the proper accounting period. 2. Frei Freight ght-i -in... n..... .... .... .... .... .... .... .... .... .... .... .... .... .... ..... ..... .... .... .... .... .... .... .... .... .... .... .... .... .... ..... ..... .... .... .... .... .... .... .... .... .... .... .... Postage Pos tage Ex Expens pense e ... ...... ...... ...... ...... ...... ...... ...... ...... ...... ........ ........ ...... ...... ...... ...... ...... ...... ...... ...... ....... ....... ...... ...... ... Miscel Mis cellan laneou eous s Ex Expens pense.... e....... ...... ...... ...... ...... ...... ...... ...... ...... ....... ....... ...... ...... ...... ...... ...... ...... ...... ...... ....... .... Meals Me als Exp Expens ense... e...... ...... ...... ...... ...... ...... ...... ...... ...... ........ ........ ...... ...... ...... ...... ...... ...... ...... ...... ....... ....... ...... ...... ...... ..... Cash Ca sh Over Over and and Short Short.. .... .... .... .... .... .... .... .... .... .... .... .... .... .... ..... ..... .... .... .... .... .... .... .... .... .... .... .... .... .... .... ..... ..... .... .. Cash. h.................................. ................................... ........................
3. Pet Petty ty Cas Cash h ... ...... ...... ...... ...... ...... ...... ...... ...... ...... ........ ........ ...... ...... ...... ...... ...... ...... ...... ...... ....... ....... ...... ...... ...... ...... ...... ..... Cash. h.................................. ................................... ........................
100.00 100 .00
104.40
100.00
Ex. 137
Prepare the entry entry to replenish replenish the Php 200 petty cash cash fund of Warner Company, Company, assuming assuming the fund fund has receip receipts ts for: for: freigh freight-ou t-outt Php 60, posta postage ge Php 105, and and miscel miscellan laneous eous expe expense nse Php 20. The fun fund d conta contain ins s Php Php 12 in cash cash..
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BA 99.1: Petty Cash Fund
Solution 137
Freight-out ........................................................................................... Postage Expense................................................................................. Miscellaneous Expense ....................................................................... Cash Over and Short ........................................................................... Cash (Php 200 – Php 12) .........................................................
60 105 20 3 188
Ex. 138
On October 1, 2011, Foster Company establishes an imprest petty cash fund by issuing a check for Php 150 to Jill Nott, the custodian of the petty cash fund. On October 31, 2011, Jill Nott submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is Php 7 cash in the fund: Freight-in Office Supplies Expense Entertainment of Clients Postage Expense
Php 25 35 60 20
Instructions
Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31.
Solution 138
Oct. 1
31
Petty Cash.......................................................................... Cash .......................................................................... (To establish a petty cash fund)
150
Cash Over and Short.......................................................... Freight-in ............................................................................ Office Supplies Expense..................................................... Entertainment Expense ...................................................... Postage Expense ............................................................... Cash .......................................................................... (To record expenses for October and to replenish the petty cash fund)
