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What is journal entry for fluctuating fund system?
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
What is Fluctuating fund system?
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:
If a petty cash fund was established with a 250 balance and currently has cash of 31 and petty cash tickets totaling 219 what would be included in the entry to replenish the fund?
A company check in the amount of $219 would replenish the funds.
Cash flow Vs funds flow?
Cash flows and fund flows
Does the balance of the petty cash account increase when the petty cash fund is replenished?
No.
How do you increase cash fund?
You Dont Spend It !
When is the petty cash account debited?
The petty cash account is debited when a company establishes or increases its petty cash fund. This entry reflects the outflow of cash from the main cash account to the petty cash account. Additionally, it may be debited when replenishing the petty cash fund, as it accounts for the expenses incurred that were paid from petty cash.
How can I cash out my mutual fund to buy a house?
To cash out your mutual fund to buy a house, you can contact your mutual fund company and request a redemption of your investment. This will allow you to receive the cash value of your mutual fund, which you can then use towards purchasing a house. Keep in mind that there may be tax implications and fees associated with redeeming your mutual fund, so it's important to consider these factors before proceeding.
Why is Cash rather than Petty Cash credited when a petty cash fund is replenished?
When a petty cash fund is replenished, the Cash account is credited instead of Petty Cash because the replenishment involves transferring funds from the main cash account to the petty cash fund. This reflects a decrease in the overall cash available in the main account. The Petty Cash account, on the other hand, remains unchanged since it is simply being topped up to maintain its established balance. Thus, the transaction more accurately represents the flow of cash between accounts.
What Generates cash flows that are too small to fully fund its operations and growth?
cash hog
What are the Seven main steps for maintaining a petty cash fund?
The seven main steps for maintaining a petty cash fund include: Establishing a Fund: Determine the amount of cash needed and create a petty cash fund. Designating a Custodian: Appoint a responsible individual to manage the fund. Recording Transactions: Keep detailed records of all disbursements and receipts. Replenishing the Fund: Regularly replenish the fund by submitting a request for reimbursement based on receipts. Conducting Audits: Perform periodic audits to ensure accuracy and accountability. Adjusting the Fund: Make any necessary adjustments for discrepancies found during audits. Closing the Fund: If no longer needed, properly close and reconcile the fund, ensuring all transactions are accounted for.
What is imprest fund system?
The imprest fund system is a system of control of cash which requires that all cash receipts should be deposited intact and all cash disbursements should be made by means of check.This is the one usually followed in handling petty cash transactions.
