Question

QUESTIONS Part A Petty Cash You are working as a finance clerk at AKV Enterprises Pte Limited which is registered for VAT for tax purposes in Fl. On 2 August 2019, the Accountant resigned and Mr. Anthony Koda Victor, the owner, handed over the petty cash till to you. The petty cash had just been reimbursed. The float for the petty cash till was $300. The following are the petty cash transactions for August 2019 (All purchases include VAT expect otherwise stated): Amount Date Particulars Voucher 03-08-20 03-08-20 06-08-20 12-08-20 13-08-20 13-08-20 16-08-20 $18.00 $45.00 S55.00 $11.00 530.00 S25.00 $15.50 $23.50 18-08-20 18-08-20 20-08-20 $17.50 $10.50 342 Purchased writing materials 343 | Purchased coffee and milk for staff 344 Paid for fuel for company vehicle 345 Purchased recharge card for company driver's mobile phone 346 Gave donation to Red Cross 347 Purchased carton of printing paper 348 Paid for coffee at Gloria Jeans with client Purchased bara and bhajia for staff function (Vendor not VAT 349 registered) 350 Purchased office kitchen utensils 351 Purchased air freshener for office 352 paid for car wash for company vehicle (Business not VAT registered) 353 Paid taxi fare. Taxi driver not registered for VAT 354 Voucher cancelled 355 Paid for postage 356 Purchased stapler and paper punch 357 Paid for parking 359 Purchase wreath for a client funeral (Vendor not VAT registered) 360 Purchased office tube lights 361 Purchased office cleaning materials $15.00 20-08-20 $8.50 22-08-20 22-08-20 25-08-20 25-08-20 26-08-20 28-08-20 29-08-20 29-08-20 $5.50 $26.50 $5.00 $45.00 $50.00 $65.00 On 17 August 2019, the petty cash was reimbursed with Cheque # 2235. On 27 August 2019, the petty cash float was increased by $100 with Cheque # 2290 On 30 August 2019, the petty cash was reimbursed with Cheque #2354 Required: 4. Complete the petty cash book for AKV Enterprises Pte Limited for August 2019. 8. Prepare required General Journal Entries

Answer 1

V.N. total payment debit 2019 journal entries 2-Aug petty cash account to cash (being petty cash account debited with float amount) credit 300 300 342 343 344 345 346 18 45 55 11 30 199.5 17-Aug petty cash to cash (being expenses reimbursed) 199.5 347 25 15.5 348 100 AKV Enterprises Pte Limited petty cash account C.B. cash received Folio date particulars 2019 300 2-Augl 3-Aug purchased writing materials 3-Aug purchased coffee and milk 6-Aug paid for fuel 12-Aug purchased recharge card 13-Aug gave donation to red cross 13-Aug purchased printing paper 16-Aug paid for coffee 199.5 2235 17-Augl 18-Aug purchased bara and bhajia 18-Augl purchased office kitchen utensils 20-Aug purchased air freshener for office 20-Augl paid for casr wash 22-Aug paid taxi fare 25-Aug paid for postage 25-Aug purchsed stapler and paper punch 26-Aug paid for parking 100 2290 27-Augl 28-Aug purchased wreath 29-Aug purchased office tubelights 29-Aug purchased office cleaning material 30-Aug balance c/d 599.51 1281 272 30-Augl 100 27-Aug petty cash to cash (being float increased by 100) 349 350 351 352 471.5 23.51 17.51 10.5 15 8.5 5.51 26.51 51 471.5 353 355 30-Aug office expenses to petty cash (being expenses made in petty cash) 272 272 45 50 651 1281 599.5 30-Aug petty cash to cash (being petty cash account reimbursed with float for next month) 30-Aug 199.5 are the sum total of expenses till 17th aug

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