Al Kamyani have business in Nizwa, Oman. The business was maintaining only one Cash account. The Chief accountant used to make all the Cash payments. As the business grew the number of cash payment of small amounts increased and it became difficult for the Chief Accountant to maintain the cash account. On 1st September 2021 The Chief Accountant started a Petty cash fund and appointed you as a petty cashier. He gave a cheque for RO 600 to keep as Petty cash fund. During the month of September the receipts were RO 150 petrol, RO 90 office stationery, RO 160 staff welfare and RO 60 travelling and there was RO 125 left in the petty cash box. In the month of October the receipts were RO 135 petrol, RO 75 office stationery, RO 185 staff welfare and RO 75 travelling and there was RO 150 left in the petty cash box. The fund amount was raised to RO 700 from the end of the month. You are required to answer the below questions based on the above case The shortage or overage in the petty cash account in September is. a. RO 25 Shortage b. RO 25 Overage c. RO 15 Shortage d. RO 15 Overage
Al Kamyani have business in Nizwa, Oman. The business was maintaining only one Cash account. The Chief accountant used to make all the Cash payments. As the business grew the number of cash payment of small amounts increased and it became difficult for the Chief Accountant to maintain the cash account. On 1st September 2021 The Chief Accountant started a Petty cash fund and appointed you as a petty cashier. He gave a cheque for RO 600 to keep as Petty cash fund. During the month of September the receipts were RO 150 petrol, RO 90 office stationery, RO 160 staff welfare and RO 60 travelling and there was RO 125 left in the petty cash box. In the month of October the receipts were RO 135 petrol, RO 75 office stationery, RO 185 staff welfare and RO 75 travelling and there was RO 150 left in the petty cash box. The fund amount was raised to RO 700 from the end of the month. You are required to answer the below questions based on the above case The shortage or overage in the petty cash account in September is. a. RO 25 Shortage b. RO 25 Overage c. RO 15 Shortage d. RO 15 Overage
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Al Kamyani have business in Nizwa, Oman. The business was maintaining only one Cash account. The Chief accountant used to make all the Cash payments. As the business grew the number of cash payment of small amounts increased and it became difficult for the Chief Accountant to maintain the cash account. On 1st September 2021 The Chief Accountant started a Petty cash fund and appointed you as a petty cashier. He gave a cheque for RO 600 to keep as Petty cash fund. During the month of September the receipts were RO 150 petrol, RO 90 office stationery, RO 160 staff welfare and RO 60 travelling and there was RO 125 left in the petty cash box. In the month of October the receipts were RO 135 petrol, RO 75 office stationery, RO 185 staff welfare and RO 75 travelling and there was RO 150 left in the petty cash box.
The fund amount was raised to RO 700 from the end of the month.
You are required to answer the below questions based on the above case
The shortage or overage in the petty cash account in September is.
a.
RO 25 Shortage
b.
RO 25 Overage
c.
RO 15 Shortage
d.
RO 15 Overage
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