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Debit: Profit & Loss Account
Credit: Cash In Hand or Petty Cash
Nature of Debit is Expense and the nature of Credit is Asset.
Expense Increased and Asset Decreased
If you have an account already open for such Losses then you should debit such account. For example in my company Cash loss is usual Case so we have an Account titled "Cash Lost Expense"
In my cash I will pass the entry as
Debit: Cash Lost Expense
Credit: Cash in Hand or Petty Cash
Wiki User
∙ 10y ago
Wiki User
∙ 9y agodebit loss by theft
credit cash
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Correct entry to replenish petty cash?
Typically, a company would write a check in the amount needed to bring the petty cash box back to the imprest amount. So, if the petty cash account has a balance of $200, but there is only $50 in cash in the petty cash box, they would write a check for $150...usually to the Office Manager or whoever is responsible for petty cash. The debit side of the entry is to the various expense accounts supported by the receipts or vouchers in the box: postage expense, office expense, misc. expense, etc. Of course, the credit side of the entry is to cash. The only time you ever make an entry to an imprest petty cash account is when you first set it up, or if you increase or decrease the imprest amount. In the example above, if the receipts in the box did not total $150, you would still write the check for $150 and have an entry to an expense account called cash over/short.
What is a box or drawer to keep money in?
A Safe, also a strongbox, or cash box.
What is impress account?
An imprest account is an account that always has the same balance. There are usually no entries made to this type of account (unless you wanted to increase or decrease the imprest amount). A good example is Petty Cash. You open the account by writing a check for, say $250. (Debit Petty Cash, Credit Cash.) The funds are kept in a locked cash box and used to make small incidental purchases (stamps, donuts for a company meeting, etc.). A receipt or voucher is placed in the cash box for each purchase. The cash box always contains $250 in cash and receipts. When the amount of cash is getting low (perhaps under $20), A check is written (and cashed) to replenish the petty cash box. The debits are to the various expense accounts (Postage, Office Expense, etc.) and the credit is to Cash (just like any other check). Then, the cash box is back to $250 in cash and no receipts (they were attached to the check stub). As you see, there was not a second entry to the Petty Cash account. Some companies will have a separate checking account for Payroll which is an imprest account. The account is opened in the same fashion and each pay period, the exact total amount needed for payroll is transferred to that account. The payroll expenses and tax liabilities are recorded in total (as opposed to posting each individual paycheck) and the offset is to the account where the transfer originated. Again, no entries are made to the imprest account.
What is cash on hand?
Cash on Hand is the value of the contents of your Petty Cash Box and any other actual cash belonging to your business that has not yet been lodged to the business Bank Account.
What do you call a box or drawer where you keep money?
Cashbox or cash drawer.
Correct entry to replenish petty cash?
Typically, a company would write a check in the amount needed to bring the petty cash box back to the imprest amount. So, if the petty cash account has a balance of $200, but there is only $50 in cash in the petty cash box, they would write a check for $150...usually to the Office Manager or whoever is responsible for petty cash. The debit side of the entry is to the various expense accounts supported by the receipts or vouchers in the box: postage expense, office expense, misc. expense, etc. Of course, the credit side of the entry is to cash. The only time you ever make an entry to an imprest petty cash account is when you first set it up, or if you increase or decrease the imprest amount. In the example above, if the receipts in the box did not total $150, you would still write the check for $150 and have an entry to an expense account called cash over/short.
How can you entry in tally if cash deposit in bank?
If it is contra entry :Go to ACCOUNTING VOUCHER in tally 9 , after that mouse left click on CONTRA box on your left side or press F4, and then select BANK under Accounts , and select CASH under PERTICULARS.
When was Box Elder News Journal created?
Box Elder News Journal was created in 1893.
What box complete an entry?
Click on the Enter box to complete a cell entry.
Did Joni James sing The Moment I saw you?
Yes. In Cash Box Top Singles Charts on 8/20/55 new entry on Number 48
Do you get a charge if you posses a stolen handgun but you were unaware it was stolen?
To answer that yes. But if you live in the city of New York you can turn it in for 25 dollars cash reward. just put it in a shoe box and wrap it like you were going to mail it and bring it to the closest police precint
Can you give a sentence with the word cash box?
Cash box = cash register. The customers at the A&P handed the cashier their money and she placed it into the cash box.
What is the meaning of imprest account?
An imprest account is one that always has the same balance; an exact amount of cash in deposited into the account for a known specific future purpose (such as an upcoming payroll), and the same amount leaves the account when the funds for that purpose are expended. The best example is Petty Cash. To start a Petty Cash fund, a firm initially writes and cashes a check for $250 (Dr. Petty Cash, Cr. Operating Account Cash), and puts the $250 cash in the office Petty Cash box. When a small purchase is made by an employee for the office (for stamps, etc), the employee is reimbursed from the Petty Cash box, and puts her receipt for the amount she was reimbursed in the Petty Cash box. The total in the box, between cash and receipts, is always $250. When the amount of petty cash left on hand in the office gets low and the Petty Cash funds must be replenished, the company writes and cashes a check for an amount equal to the total of all the receipts in the box, debiting the appropriate expense accounts and crediting Operating Account Cash. Cash in the amount of the check goes into the Petty Cash box, to bring the total Petty Cash back up to $250. No entry is made to the Petty Cash account since its balance should always be the original amount funded (in this example, $250).
What is a cash vault and safety deposit box?
what is a cash vault deposit
What are the release dates for Cash Box - 2013?
Cash Box - 2013 was released on: USA: 2 February 2013 (internet)
Where is the keyless entry pad entry code on a 2006 Mercury Mariner?
its on a little card in the glove box
What is a box or drawer to keep money in?
A Safe, also a strongbox, or cash box.
