Prepare the Petty cash journal for March 2020. You are not required to total the journal at the end of the month. Round to two decimal places
OBJ stores, a dairy shop, entered into the following Petty Cash transactions during March 2020. The business is a registered VAT vendor and trades only with other registered vendors. They use a perpetual inventory system, and all goods are marked up at 40% above cost, before taking into account any trade discounts. A VAT rate of 15% is applicable.
Required:
Prepare the Petty cash journal for March 2020. You are not required to total the journal at the end of the month. Round to two decimal places
| DATE | TRANSACTION DETAILS |
| 4 | Purchased 20 cheese wheels @R10 each(excl VAT) from J Creamery a local entreprenuer and pay from petty cash the goods will be used as inventory .PCV01 was used |
| 7 | Purchased tea and coffee from local cafe for R80 and paid using petty cash . PCV02 was used. |
| 9 | Paid R800 for petrol for the delivery vehicle from petty cash .PCV03 |
| 13 | Paid bi-weekly wages of R300 from petty cash .PCV04 was used |
| 20 | The owner Mrs Daisy took R200 from petty cash for her own use.PCV05 was used was used. |
| 26 | Purchased printing papers for R30 and cooldrinks for the staff of R60, from pick n pay and paid using petty cash PCV06 was used. |
| 29 | Paid bi-weekly wages of R300 from petty cash.PCV07 was used |
| 30 |
To celebrate Mrs Daisy Birthday a cake was bought for the staff for R250 PCV08 was used |
Petty cash journal: Petty cash journal is a journal prepared to record the payment from the pretty cash fund. The total is used to record the journal entry related to petty cash.
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