AB Ltd. established a petty cash fund for $1,310. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $565 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry.Required: How much is the cheque written to complete this transaction? $Question 1 is written and question 2 is in the pictures First you collect the data from June 30th reconciliation as follows:Balance per Bankadd: Deposits in Transitdeduct: Outstanding ChequesBalance per BooksSecond you close your update your Cash and bank account with all transactions recorded before AJE and you have:Balance July 31DepositsCheques$10,000$ 6,300$(5,000)$ 9,600$11,000$ 8,500$ 6,500Balance July 31DepositsChequesNote collectedThird you look at the bank statement provided by your bank and you see the following:$10,280$13,000$10,000$700< Prev1 of 8Next >PREtvPs a Balance July 31DepositsChequesThird you look at the bank statement provided by your bank and you see the following:Balance July 31DepositsChequesNote collectedBank service chargeNSF chequeInterest receivedAutowithdrawals$11,000$ 8,500$ 6,500Multiple Choice$10, 280$13,000$10,000$700$50$1,000$180$250Which of the following items have been added to the Cash and Bank account when doing the reconciliation?

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Answered: AB Ltd. established a petty cash fund…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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AB Ltd. established a petty cash fund for $1,310. It replenishes the fund at the end of each month when financials are prepared or sooner if required. The company finds that it is replenishing the fund more than once a month so it decides to increase the fund size by 50%. At the time of this decision there are $565 in expense vouchers in the firm, so the firm replenishes and increases the fund size in the same journal entry. Required: How much is the cheque written to complete this transaction? $ Question 1 is written and question 2 is in the pictures

First you collect the data from June 30th reconciliation as follows:
Balance per Bank
add: Deposits in Transit
deduct: Outstanding Cheques
Balance per Books
Second you close your update your Cash and bank account with all transactions recorded before AJE and you have:
Balance July 31
Deposits
Cheques
$10,000
$ 6,300
$(5,000)
$ 9,600
$11,000
$ 8,500
$ 6,500
Balance July 31
Deposits
Cheques
Note collected
Third you look at the bank statement provided by your bank and you see the following:
$10,280
$13,000
$10,000
$
700
< Prev
1 of 8
Next >
PRE
tv
Ps a

Balance July 31
Deposits
Cheques
Third you look at the bank statement provided by your bank and you see the following:
Balance July 31
Deposits
Cheques
Note collected
Bank service charge
NSF cheque
Interest received
Autowithdrawals
$11,000
$ 8,500
$ 6,500
Multiple Choice
$10, 280
$13,000
$10,000
$
700
$
50
$1,000
$
180
$
250
Which of the following items have been added to the Cash and Bank account when doing the reconciliation?

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