establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
No.
petty cash
A company check in the amount of $219 would replenish the funds.
yes. the entry should be: petty cash fund debit cash in bank credit
establishment of fund: petty cash fund xx cash in bank xx payment of expenses out of the petty cash fund: expenses xx petty cash fund xx
No.
Fluctuating fund system is handling petty cash fund wherein every expenses/voucher is debited directly with petty cash fund as a credit. The petty cash fund is debited only whenever there is a replenishment wherein the proforma entry is:
petty cash
A company check in the amount of $219 would replenish the funds.
yes. the entry should be: petty cash fund debit cash in bank credit
Some companies have a petty cash fund to be used for incidental expenses. The petty cash fund might pay for expenses such as postage stamps or gas for a company vehicle.
Dr Bank Account Cr Petty Cash Account
Dr Bank Account Cr Petty Cash Account
Debit Petty cash account 1400 Credit Cash account 1400
some time its subjected to theft. example;when some body wants petty cash fund
Generally petty cash funds range around 25 dollars for minor needs for a business such as pencils, other office equipment, or breaking bills early in the morning when a customer presents a large bill and you haven't had many customers yet. Most register drawers start off with 75 dollars assorted from 10s, 5s, Quarters, Dimes, Nickles and Pennies. At the end of the night, the petty cash fund is replenished if it was used. Most cases petty cash fund is not used.