PRACTICE EXAMPLE 9 POSTING THE PETTY CASH BOOK
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1 78 Bookkeeping Transactions PRACTICE EXAMPLE 9 POSTING THE PETTY CASH BOOK Learning Leaders Ltd maintains a petty cash book as both a book of prime entry and part of the double entry accounting system. The following transactions all took place on 30 June and have been entered in the petty cashbook as shown below. No entries have yet been made in the general ledger. Petty cash book Date Amount 30 Jun Balance b/d Date Amount Postage expense Motor Jun Repairs Jun Stamps Jun Petrol Jun Pens Jun Balance c/d What will be the FOUR entries in the general ledger? General ledger Account name Amount Debit Credit Select your account name from the following list: Balance b/d, Balance c/d,, Motor,, Pens, Petrol, Petty cash book, Postage expense, Repairs, Stamps,
2 Learning phase practice examples 79 PRACTICE EXAMPLE 10 POSTING THE PETTY CASH BOOK Cornered Ltd maintains a petty cash book as a book of prime entry but it is not part of the double entry accounting system. The following transactions all took place on 30 June and have been entered in the petty cash book as shown below. No entries have yet been made in the general ledger. Petty cash book Date Amount 30 Jun Balance b/d Date Amount Postage expense Jun Stamps Motor Expenses 30 Jun Petrol Expenses 30 Jun Paper Jun Petrol Jun Balance c/d What will be the FIVE entries in the general ledger? General ledger Account name Amount Debit Credit Select your account name from the following list: Balance b/d, Balance c/d,, Motor,, Paper, Petrol, Petty cash book, Postage expense, Repairs, Stamps,
3 80 Bookkeeping Transactions PRACTICE EXAMPLE 11 POSTING THE PETTY CASH BOOK Skipper Ltd maintains a petty cash book as both a book of prime entry and part of the double entry accounting system. The following transactions all took place on 30 June and have been entered in the petty cashbook as shown below. No entries have yet been made in the general ledger. Petty cash book Date Amount 30 Jun Balance b/d Date Amount Postage expense Motor Jun Petrol Jun Jun Stamps Jun Motor Jun Stationery Jun Balance c/d What will be the FIVE entries in the general ledger? General ledger Account name Amount Debit Credit Select your account name from the following list: Balance b/d, Balance c/d,, Paper, Fuel, Motor, Motor repair,, Petty cash book, Stamps, Postage expense,
4 Learning phase practice examples 81 PRACTICE EXAMPLE 12 A COMPREHENSIVE PETTY CASH TASK Curling Ltd maintains a petty cash book as a book of prime entry and part of the double entry bookkeeping system. This is a summary of petty cash transaction in a week: Train fare paid of (including ) Pens purchased for plus (a) Enter the above transactions into the partially completed petty cash book below. (b) the petty cash book and show the balance carried down. Petty cash book Debit side Amount Credit side Amount Travel Balance b/d Toner (c) What will be the THREE accounts in the general ledger which will record the above transactions? General ledger accounts Train fare Travel Petty cash book Pens Petty cash control (3) At the start of the next week cash was withdrawn from the bank to restore the Imprest Level of 130. (d) What is the amount of cash that would have been withdrawn from the bank to restore the Imprest Level?
5 82 Bookkeeping Transactions (e) Each petty cash claim is accompanied by a petty cash voucher. Select THREE details that should be shown on the petty cash voucher. The amount of petty cash being reclaimed Signature of the member of staff making the claim The amount of the Imprest Level of the business A description of what the petty cash was claimed for The amount of petty cash in the petty cash tin
6 Learning phase practice examples 83 Chapter 10 Maintaining the cash book PRACTICE EXAMPLE 1 THE TWO COLUMN CASH BOOK (CREDIT SIDE) There are five payments that need to be entered into Scott Ltd s cash book Receipts From Scott Ltd a customer From Scott Ltd a customer From Scott Ltd a customer Net 60 Net 110 Net (No ) Gross 72 Gross 132 Ade Ltd Cob Ltd Elk Ltd Cheque book counterfoils Gull Ltd (Purchase ledger account GUL02) 400 Inky Supplies (No credit account with this supplier) including Enter the details from the three receipts and two cheque book stubs into the credit side of the cashbook shown below and total each column. book credit side Purchase ledger purchases Balance b/d
7 84 Bookkeeping Transactions PRACTICE EXAMPLE 2 THE TWO COLUMN CASH BOOK (CREDIT SIDE) There are five payments that need to be entered into Clash Ltd s cash book. Receipts From Clash Ltd a customer From Clash Ltd a customer From Clash Ltd a customer Net 250 Net 310 Net (No ) Gross 300 Gross 372 Hit Ltd Fell Ltd Perk Ltd Cheque book counterfoils Trempt Ltd (Purchase ledger account TRE01) 1,200 Get going Garage (No credit account with this supplier) excluding Enter the details from the three receipts and two cheque book stubs into the credit side of the cashbook shown below and total each column. book credit side Purchase ledger purchases Motor Balance b/d 2,394.00
8 Learning phase practice examples 85 PRACTICE EXAMPLE 3 THE TWO COLUMN CASH BOOK (DEBIT SIDE) There are two cheques from credit customers to be entered into Mask Ltd s cash book: Grill Ltd 100 Plaster Ltd 250 Enter the above details into the debit side of the cash book and total each column. book debit side Balance b/d Sales ledger PRACTICE EXAMPLE 4 THE TWO COLUMN CASH BOOK (DEBIT SIDE) There are two cheques from credit customers to be entered into Stretch Ltd s cash book: Reach Ltd 400 Strain Ltd 375 There was also a receipt of 170 plus from Tip Toe Ltd for rent of part of the office. This was paid in cash. Enter the above details into the debit side of the cash book and total each column. book debit side Sales ledger Sundry income Balance b/d
9 86 Bookkeeping Transactions PRACTICE EXAMPLE 5 COMBINING THE DEBIT AND CREDIT SIDES OF THE TWO COLUMN CASH BOOK There are three payments to be entered in the credit side of Soar Ltd s cash book during one week. purchase listing Suppliers paid in cash Net Gross Flying Ltd Trade payables listing Credit suppliers paid by cheque Amount paid Dropping Ltd 1,000 Bouncing plc 950 (a) Enter the details from the cash purchases listing and the trade payables listing into the credit side of the cash book shown below and total each column. book credit side Purchase ledger (Trade payables) purchases Balance b/d 500 The debit side of the cash book shows that the cash balance brought forward at the beginning of the week was 300 and a further 150 has been received during the week. (b) Using your answer to (a) above calculate the cash balance. The debit side of the cash book shows that the total amount of money banked during the week was 1,500. (c) Using your answer to (a) above calculate the bank balance. If your calculations show that the bank account is overdrawn, your answer should start with a minus sign, for example 93.
10 Learning phase practice examples 87 PRACTICE EXAMPLE 6 COMBINING THE DEBIT AND CREDIT SIDES OF THE TWO COLUMN CASH BOOK There are three payments to be entered in the credit side of Grime Ltd s cash book during one week. purchase listing Suppliers paid in cash Net Gross Sparkle Ltd Trade payables listing Credit suppliers paid by cheque Amount paid Gleam Ltd 390 Shiny Ltd 620 (a) Enter the details from the cash purchases listing and the trade payables listing into the credit side of the cash book shown below and total each column. book credit side Purchase ledger (Trade payables) purchases Balance b/d 400 The debit side of the cash book shows that the cash balance brought forward at the beginning of the week was 175 and a further 212 has been received during the week. (b) Using your answer to (a) above calculate the cash balance. The debit side of the cash book shows that the total amount of money banked during the week was 1,740. (c) Using your answer to (a) above calculate the bank balance. If your calculations show that the bank account is overdrawn, your answer should start with a minus sign, for example 64.
11 88 Bookkeeping Transactions PRACTICE EXAMPLE 7 A COMPREHENSIVE TWO COLUMN CASH BOOK TASK There are six payments that need to be entered into BA Ltd s cash book. Receipts From DC Ltd a customer From FE Ltd a customer From HG Ltd a customer Net 10 Net 15 Net (No ) Gross 12 Gross 18 DC Ltd FE Ltd HG Ltd Cheque book counterfoils JI Ltd (Purchase Ledger a/c JI020) LK Stationers Ltd (No credit account with this supplier) NM Taxi Ltd (No credit account with this supplier) including 40 (no ) (a) Enter the details from the three receipts and three cheque book stubs into the credit side of the cashbook shown below and total each column. book credit side Purchase ledger purchase s expense Travel expense Balance b/d 80 There are also two cheques from credit customers to be entered into BA Ltd s cash book: PO Ltd 50 RQ plc 85 There was also a receipt from Tee Ess who paid us rent of 80 (no ). They paid in the form of cash.
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