Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. all the heads of expenses are totalled periodicall

All the heads of expenses are totalled periodically and such periodic totals are individually posted...

60.1K

Verified Solution

Question

Accounting

image

All the heads of expenses are totalled periodically and such periodic totals are individually posted to the debit side of the concerned lediger accounts in the ledger by writing To Petty Cash A/d in the particulars column. The Petty Cash Account in the ledger is credited with the total expenditure incurred during the period by writing By Sundries as per Petty Cash Book' in the particulars column. The ledger folio number is written under every total amount of expense to indicate that the entry has been posted in the ledger. In the folio column of the ledger account, the page number of the petty cash book is written, Hlustration 4. From the following particulars, prepare Petty Cash Book on imprest system of K.P. Singh & Co. for the month of January, 2006 r21 Jan. 2006 Rs. 100 1 Opening Balance on imprest system) 2 Paid for stampa 12 3 Paid cleaner's wages 15 16 15 + Paid for fare Paid for office ten Paid to proprietor for personal use 7 Paid for advertisement 8 Drew imprest from head cashier 10 30 9 Paid for cartage 10 10 Paid for traveling expenses 25 11 Paid for telegram sent 15 20 10 12 Paid for entertainment to travelling salesmen 13 Advance to peon 14 Paid for printing bill 15 Paid for stationery 16 Drew imprest from head cashier $

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students