WebEstablished a petty cash fund of P10,000 on January 2. Petty cash expenses – January 2-31 are: Postage 1,500 Supplies 5,500 Transportation 1,200 Miscellaneous expense 800 3. The fund is replenished on February 1 and increased by P5,000. Required: Prepare journal entries to record the transactions under the fluctuating and imprest fund system. WebFluctuating Fund System. This system is called _____ because the checks drawn to replenish the fund do not necessarily equal to the petty cash disbursement. current assets; part of cash and cash equivalents. If the cash fund is set aside for use in current operations or for the payment of current obligations, it's a _____ & included as ...
Imprest system - What is the imprest system? Debitoor invoicing
WebNov 6, 2024 · Learn the Definition, Purpose, Methods and Examples of Petty Cash. Variable Method ( Fluctuating fund system ) Variable method is a method of filling and controlling petty cash where the amount will always change (as needed). This system requires that the nominal amount of petty cash is not set but according to need. WebSupplies expense 2,000Postage expense 1,000 Transportation expense 1,000 # July 15 Supplies expense 3,500 Postage expense 1,500Transportation expense 1,500 Miscellaneous expense 500 Cash in … flintstones twist twist
How Do You Record the Journal Entry for Petty Cash?
WebThe Imprest system is an accounting system that’s used to track how your business is spending cash. In most cases, Imprest systems are used to account for petty cash (a small amount of money used for expenditure on smaller items, i.e. office supplies, catered lunch, cards for customers, etc.). WebFluctuating fund system- checks drawn to replenish the fund do not necessarily equal the petty cash disbursements Under the imprest system of cash control described in the … WebAn imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a constant amount. If the amount of petty cash is $100, then the Petty … flintstones typewriter gif