Journal & Ledger for Petty Cash Book
Trending Questions
When a petty cash book is kept there will be.
What is the journal entry for petty cash?
Is carpet a fixed asset?
The Chief Cashier advances a sum of money to the Petty Cashier to enable him to meet petty expenses for a fixed period. Which of the following is correct?
Credit cash account
Either A or B
None of the above
Debit cash account
Which account is credited to record the issue of petty cash fund ?
Cash account
Bank account
Petty cash account
None
- asset
- liability
- income
- expense
Is the balance of petty cash book an asset or income?
David wants to replenish the Rs150 petty cash fund. He has receipts for the following total payments: supplies, Rs36; and postage (Office Expense), Rs27. A cash count shows Rs87 in the petty cash box. What is the correct journal entry to record the transaction?
Debit Cash Rs63 and credit Miscellaneous Expense Rs63
Debit Miscellaneous Expense Rs63 and credit PettyCash Rs63
Debit Office Expense Rs27, debit Supplies Rs36 and credit Petty Cash Rs63
None of these
Which of the following journal entries records petty cash expenses?
Credit petty cash, debit cash
Debit petty cash, credit expense accounts
Credit petty cash, debit expense accounts
None
How do you fix errors of omission?
When replenishing the petty cash fund, which of the following are true:
Cash is debited
Petty cash is debited
Petty cash is credited
Expenses from petty cash vouchers are debited
From the following particulars what shall be balance c/d of the Petty Cash Book under Imprest System:
Petty cash balance Rs 2000
May 2 Cheque received for Rs. 7000.
May 3 Postage paid Rs. 50.
May 6 Paid taxi hire of travelling salesman Rs. 100.
May 19 Stationary purchased Rs. 120.
May 31 Settled the balance due to Smith Rs.8000 by cheque.
Rs 2000
Rs 730
Rs 1730
Rs 8730
The company replenished the petty cash fund via a cheque of Rs 730. In the journal entry, which account is credited?
Cash account
Petty cash account
Bank account
None
What is a single entry and incomplete record?
Which account is debited to record the issue of petty cash fund ?
Cash account
Petty cash account
Bank account
None
Claire wants to establish a Rs250 petty cash fund for her business. She requested a cheque for Rs250. What is the correct journal entry to record the transaction?
Debit Petty Cash Rs250 and credit Cash Rs250
Debit Petty Cash Rs250 and credit Bank Rs250
Debit Cash Rs250 and credit Petty Cash Rs250
Debit Petty Cash Rs250 and credit Miscellaneous Expense Rs250
Michelle wants to replenish the Rs300 petty cash fund. She has receipts for the following total payments: postage (Office Expense), Rs40; supplies, Rs25; and repairs, Rs45. A cash count shows Rs175 in the petty cash box.What is the correct journal entry to record the transaction?
Debit Repair Expense Rs45, debit Supplies Rs25, debit Office Expense Rs40 and credit Cash Rs110
Debit Repair Expense Rs45, debit Supplies Rs25, debit Office Expense Rs40 and credit Petty Cash Rs110
Debit Repair Expense Rs45, debit Supplies Rs25, debit Office Expense Rs40 and debit Cash Short and OverRs15, and credit Cash Rs125
Debit Repair Expense Rs45, debit Supplies Rs25, debit Office Expense Rs40 and credit Cash Rs110, credit CashShort and Over Rs15
When should the petty cash fund be reimbursed?
Timothy wants to replenish the Rs300 petty cash fund. He has receipts for the following total payments:postage (Office Expense), Rs35; supplies, Rs25; and repairs, Rs95. A cash count shows Rs140 in the petty cash box.What is the correct journal entry to record the transaction?
Debit Repair Expense Rs95, debit Office Expense Rs35, debit Supplies Rs25 and credit Cash Rs155
Debit Repair Expense Rs95, debit Office Expense Rs35, debit Supplies Rs25 and credit Petty Cash Rs155
Debit Repair Expense Rs95, debit Office Expense Rs35, debit Supplies Rs25, and credit cash Rs140, credit Cash Short and Over Rs15
Debit Repair Expense Rs95, debit Office Expense Rs35, debit Supplies Rs25, debit Cash Short and Over Rs5, and credit cash Rs160
When cash is given to petty cashier, which of the following is correct?
Cash Account debit
Petty Cash Account debit
Petty cash account credit
None of these
Write the meaning of journal proper.
- Every day
- Every half year
- Every Year
- At the end of every accounting period
A waiters salary consists of his salary and tips. During one month his tips were 4upon 3 of his salary. What fraction of his income came from tip?