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Petty Cash Vouchers:: Accountability Accounted For

The petty cash fund of Princess Company had a balance of ₱15,000 as of December 31, 20x1. It consisted of coins and currencies worth ₱2,550, petty cash vouchers for gasoline and medical supplies totaling ₱5,040, IOUs for advances to employees of ₱2,220, and checks of ₱5,400. An entry is required to record the replenishment of the petty cash fund by increasing the petty cash fund account and decreasing expense or asset accounts.

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Crizhae Ocon
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351 views

Petty Cash Vouchers:: Accountability Accounted For

The petty cash fund of Princess Company had a balance of ₱15,000 as of December 31, 20x1. It consisted of coins and currencies worth ₱2,550, petty cash vouchers for gasoline and medical supplies totaling ₱5,040, IOUs for advances to employees of ₱2,220, and checks of ₱5,400. An entry is required to record the replenishment of the petty cash fund by increasing the petty cash fund account and decreasing expense or asset accounts.

Uploaded by

Crizhae Ocon
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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As of December 31, 20x1, the petty cash fund of Princess Company

with a general ledger balance of P15,000 comprises the following:


Coins and currencies P 2,550
Petty cash vouchers:
Gasoline for delivery equipment P3,000
Medical supplies for employees 2,040 5,040
IOU’s:
Advances to employees 2,220
A sheet of paper with names of several employees
together with contribution to bereaved employee,
attached is a currency of 2,400
Checks:
Check drawn to the order of the petty cash custodian 3,000
Personal check drawn by the petty cash custodian 2,400

The entry to record the replenishment of the petty cash fund includes:

ACCOUNTABILITY ACCOUNTED FOR


Petty Cash Fund 15,000 Coins & Currecies 2,550
Gasoline 3,000
Medical Supplies 2,040
Advances 2,220

Replenishment check 3,000


Total 15,000 Total 12,810

short/over 2,190

REPLENISHMENT:
Transportation expense 3,000
Medical Supplies 2040
Advances to employees 2220
Cash short or over 2,190
Cash in Bank 9,450

Petty cash Fund is P15,000 since replenished na. (2,550 + 3,000+2,400+7,050)


On January 1, 2002, Princess Corporation established a petty cash fund of ₱400. On December 31, 2002,
the petty cash fund was examined and found to have receipts and documents for miscellaneous expenses
amounting to ₱364. In addition, there was cash amounting to ₱44. What entry would be required to record
replenishment of the petty cash fund on December 31, 2002?

ACCOUNTABILITY ACCOUNTED FOR


Petty Cash Fund 400 Coins & Currecies 44
Miscellaneous Exp 364
Total 400 Total 408
short or over - 8

REPLENISHMENT: Petty cash fund balance is 400


Miscellaneous Expense 364 (44+356)
Cash in Bank 356
Cash short or over 8

Princess Company’s petty cash custodian has the following in its cash box:
Bills and Coins: P 520
Petty Cash Vouchers: P 1,700
Postdated Checks from Company Officers: P 1,000
IOUs from employees (vale): P 500
An envelope which has a “Happy Birthday” on it. It has a “P 350” writing at the back It was left unopened.

The Petty Cash is established at P3,500.


It is already reporting date and no replenishment has been done.

Provide the adjusting entry.

ACCOUNTABILITY ACCOUNTED FOR


Petty Cash Fund 3,500 Coins & Currecies 520
PCV 1,700
Rec'l from officers 1,000
IOUs 500
Total 3,500 Total 3,720
short or over - 220
ADJUSTING ENTRY:
Expenses 1700 Petty cash fund balance is 520.
Receivable from officers 1000 no replenishment so kung ilan lang ung cash
Advances to Employees 500 (3500-2980=520)
Cash short or over 220
Petty cash Fund 2980
b

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