petty cash journal grade 10 accounting

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Text Book File. cash discount of $10. At the beginning of the fiscal year, the petty cash fund is created. Continuous Homework Assessment 3 - 4 4. At the end of each month, the petty cash fund is reimbursed. Then petty cash is replenished usually via a check. Recording in a Petty Cash Book does not require formal knowledge of accounting principles and techniques. Today, with the increased usage of business credit and employee expense accounts, the petty cash account may also encompass smaller expenses for which a formal requisition is not required. CHAPTER 7 FRAUD, INTERNAL CONTROL, AND CASH SUMMARY OF QUESTIONS BY LEARNING OBJECTIVES AND BLOOM’S TAXONOMY sg This question also appears in the Study Guide. Raising Fund Level: When the volume of transactions to be handled by the petty cash grows, the fund level is raised. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. Budget Release 12. In Grade 10 Essentials: Accounting you will be working with an experienced Accounting teacher who will take you through the whole CAPS compliant Accounting curriculum step-by-step. Under new accounting system, the record of advance is made twice as follows: Journal voucher at the time of giving advance. Guidelines for the use of petty cash ensure the funds are used as management intends. The journal entry is: General. 25. Nominal accounts 6. Personal accounts 5. AGF No 3. Search. Control Accounts 4. Bank Account and the bank reconciliation statement. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Accounting Grade 10 Exemplar Year -end Question Paper MEMO TO QUESTION 1: 1.1 Purpose Name of document e.g. Chapter 12 - Sales Journal and Sales Return Journal Check Pages 1 - 50 of Accounting Grade 10 in the flip PDF version. At the end of the accounting period, enter all vouchers in the petty cash journal. Enter the grand totals for all numerical columns at the bottom of the form. Real accounts 7. Chapter 06 – Activity 04 – page, 76 The following cash book has been prepared by the accounting clerk of Sameera’s business Read more… Bank Reconciliation 3. GRADE 10 NOVEMBER 2017 ACCOUNTING MARKS: 300 TIME: 3 hours ... B Petty cash voucher 1.1.3 The document used to record goods sold on credit C Current assets 1.1.4 Money the owner contributes to start a ... Cash Receipts Journal Bank Debtors control Sales Cost of sales Sundry Trial Balance. Establish a petty cash fund Prepare a petty cash report Replenish a petty cash fund Classroom Guided Practice - Not Graded Daily homework related to each skill. 1. Purchase Journal, Sales Journal and General Journal. ... Purchase Journal, Sales Journal and General Journal. Accounting Equation and Analysis of transactions 2. Term 1 Topic 5 Financial accounting of a sole trader 2.3.7 Petty Cash Journal Example of a Petty Cash Journal Explanation of a Petty Cash Journal (This explanation must be studied together with the example in 2.3.7) 1 Name of the subsidiary journal, name of the business and the month in which the journal … You will use some of the basic knowledge that you acquired in the senior phase. 6 Cash was withdrawn from bank for office use 300 8 Paid S Ghalli by cheque after deducting cash discount of $15. Journal or Book of first entry and is used to group entries of a similar nature together, in this case all transactions where you pay money out (significant amounts only, small amounts are usually paid out via the Petty Cash Journal). Teacher's Guide File. Trial Balance. Example. The journal entry is to debit the petty cash and credit cash at bank. Correction of accounting errors. Debtors Age analysis 5. CASH AND CREDIT TRANSACTIONS . cash payments journal. 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