Answered: Required (a) Enter

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Question 5 Required (a) Enter the following in a multi-column petty cash book which is maintained on the imprest system: R 2007 March 1 Cash cheques from head cashier 600,00 Paid for c.o.d. parcel 4,23 3 Revenue stamps for legal documents 28,50 4 Donations for Police Orphans' Fund 10,00 6 Cleaner's wages 65,00 9 Repairs to typist's chair 16,95 10 Bouquet for director's wife 38,00 Soap, cleaning fluid and office towels 23,86 12 Repairs to office venetian blind 44,63 13 Cleaner's wages 65,00 16 Tea, coffee and sugar for staff 35,91 17 Flowers for director's meeting 40,00 18 Puncture-repair outfit for messenger's bicycle 9,47 Fortnightly milk account for staff teas 65,35 20 Cleaner's wages 65,00 24 Donation to Red Cross annual appeal 50,00 25 Paid for c.o.d. parcel 16,38 Cash cheque from head cashier for restoration of imprest 578,28 Postage stamps for overseas letters 28,17 27 Cleaner's wages 65,00 Donation to Famine Relief Fund 15,00 30 Wreath for funeral of accountant's wife 75,00 31 Revenue stamps for legal documents 30,00 _______________________________________________________________________ Financial Accounting I / © ICG / Page 19 (b) Rule off the month's transactions, bring down the relevant balance, and restore the imprest amount to R600.

Please donot provide solution in image format provide solution in step by step format and fast solution

Definition Definition Financial journal in which only cash-related transactions are recorded. Cash transactions are posted chronologically in the cash book, which is also called a subsidiary book. All the cash receipts are recorded on the debit side and all the cash payments are recorded on the credit side. An important point to remember is that the cash book never shows a credit balance; only a debit balance is shown in the cash book.

Expert Solution

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions