The following mcqs are collected from different pass papers and from mcqs bank. Imprest petty cash question with answer college accounting. Petty cash book definition of petty cash book by the free. The credit side consists of several analysis columns. The sum of money so kept in hand generally termed as petty cash and book in which the petty cash expenditures are recorded is termed as petty cash book. Junior certificate 2018 4 business studies ordinary level 8. Petty cash book format example definition explanation. Basically a petty cash log template can be easily done in any spreadsheet softwaresuch as microsoft excel wherein youd create a format with columns to record all the important. The following were her petty cash transactions during april 2008. To be completed on page 20 of the examination booklet in section a answer all parts of this question.
Cash book, pass book, bank reconciliation statement dr. Check your understanding of a petty cash fund in this worksheet and quiz. April 2 she paid 15 for postage petty cash voucher no. May 25, 2016 this video tutorial looks at how to complete a cash book. Practicing past exam questions is really important, especially in the bookkeeping questions. Machinery 86,750 purchases 93,250 cash on hand 14,800 premises 244,500.
Uses of petty cash book its a cash book used to enter daily petty expenses. Leaving cert and junior cert exam paper questions and marking schemes listed by topic. Also included as a part of cash are the balances kept at banking and financial institutions. Before the rise in the use of credit cards and charge cards, nearly all companies used petty cash accounts to allow employees responsible for purchasing small supplies to do so with minimal hassle. On march 1, 20x1, sherry jones established a petty cash fund. Download the junior cert business studies syllabus.
Petty cash book the cash book as seen above is used for recording all major payments. Apr 07, 2020 petty cash book the cash book as seen above is used for recording all major payments. In all kinds of businesses, employees would have to handle petty cash at one time or another and it would be very useful to record everything in a petty cash log. Petty cash book business petty cash book it is not necessary to carry out all the activities contained in this unit. Petty cashier is a person, who maintains the petty cash book. Recording of transaction in cash book and journal with specimen. Download the junior cert business studies chief examiners report 2012 download the junior cert business studies guidlines for teachers. The petty cash book is ruled in the form of the single column cash book with an amount column and addition oat columns for the more usual classes of expenditure. Junior cert business studies mind maps junior cert mind maps. These tools can be used to gauge your knowledge of what these funds can. I also confirm that all petty cash funds are kept in a secured locked box, in a secure. Please see teachers notes for explanations, additional activities, and tips and suggestions.
For this purpose, a petty cashier is appointed by the chief cashier. She paid 20 to a local charity for raffle tickets petty cash voucher no. Analysed cash book question packs junior certificate. In most cases, the petty cash book is an actual ledger book, rather than a computer record. When an analytical petty cash book is maintained for recording the petty expenses, it will be practically more convenient to consider the petty cash as a separate account and take cheques issued for the petty cash imprest as a debit to petty cash account and all petty expenses paid as. In this book, separate columns are provided for usual head of expenditure. Exam papershigh street booksschool books onlineschool books irelandschool books cork. There are two primary types of entries in the petty cash book, wh. She uses a petty cash book to keep an account of small office expenses. Petty cash is the small cash reserves that businesses keep on the. Click below to purchase the full set of 56 junior cert business studies mind maps. Petty cash book meaning, cash book vs petty cash book. Study these notes and they will help you get the grades you want in the exam. Vicki, the petty cash custodian, reimbursed the employees for the expenses incurred and obtained petty cash vouchers and purchase receipts from the employees.
Year end certificate of petty cash held as at 31st july. Thus, the book is part of a manual recordkeeping system. Accounting and procedures for petty cash accounting guide. These are expenses which are incurred day after day.
Disburse cash for expenditures during the month, three employees john, kathy, and amanda made small businessrelated purchases. Oct 24, 2017 in this video, i will teach you about petty cash book. Business studies ordinary level 2008 1 junior certificate examination 2008. Uses of petty cash book its a cash book used to enter daily petty expenses like cost of stationery, postage and xerox copy and so on. Apr 26, 2020 the petty cash book is a recordation of petty cash expenditures, sorted by date. All payments are securely processed through paypal. Coimisiun na scruduithe stait state examinations commission. General knowledge multiple choice questions mcqs page1. But, in every business a number of petty small payment like that for postage, carriage, stationery, entertainment, cartage, conveyance etc. It should also be kept in mind that petty cash book is. This powerpoint presentation show alternative versions of the way an analysed cash book can appear. Our notes are done out section by section from the syllabus and include notes for section 1.
It is to be noted that the amount of cash in the hands of the petty cashier is a part of the cash balance, therefore it should be included in the cash balance when the latter is shown in the trial balance and the balance sheet. The cash book is a chronological record of the receipts and payments transactions for a business. Junior cert geography higher level exam paper by edco. A petty cashier makes a detailed analysis of petty payments and records under suitable heads, i. The petty cash book is a recordation of petty cash expenditures, sorted by date.
In considering this marking scheme the following points should be noted. The most common way of accounting for petty cash expenditures is to use the imprest system. Practicing past exam questions is really important, especially in the book keeping questions. Free online cash book etc practice and preparation tests. The is only one money column on the debit side and all sum received from time to time by the petty cashier from the chief cashier are entered in it. A petty cash book is generally maintained on a columnar basis a separate column being allotted for each type of expenditure. Practice questions on journal, cash book, depreciation etc for full functionality of this site it is necessary to enable javascript. It should also be kept in mind that petty cash book is not like the cash book. Enter the transaction of may 17 only in the petty cash voucher on page 10 of section a.
Learn vocabulary, terms, and more with flashcards, games, and other study tools. A440 pagesto be used for cash analysis, petty cash, spreadsheets and cash flow. On 1 april 2008, the petty cash book had a balance on hand of 250. Petty cash book definition the petty cash book is defined as relatively small amount of cash kept at hand for making quick payments for miscellaneous small expenses in the business concern. Business organizations need to write and prepare ledger account wherein all the transactions are recorded permanently under different heads of accounts. As per the accounting principle, the transactions just after their occurrence are recorded in the primary book of account journal in chronological order of dates with explanations. He uses a petty cash book to keep an account of small office expenses. The additional analysis columns are used to analyze expenditures as they arise. How the imprest system of petty cash book works your business. Recording of transactions ii petty cash book solutions. It is another cash book which is maintained, generally, in large business concerns to reduce the burden of main cash book, in which numerous transactions involving petty small amounts are recorded. Required c i state the amount of cash there should have been in the petty cash box. Duration 2 hours 30 minutes 300 marks section a 100 marks answer all 20 questions. A petty cash book is generally maintained on a columnar basis such that a separate column being allotted for each type of expenditure.
Petty cash book is a type of cash book, which use to record small amount of receipts and payment. Cash includes currency and coins, although most businesses do not keep much of this type of cash around. Recording of transactions ii petty cash book solutions this page contains the cbse accountancy class 11 chapter recording of transactions ii notes. Marking scheme and support notes for use with the marking scheme.
The following figures are from the books of morris ltd. This video tutorial looks at how to complete a cash book. Business notes higherordinary level junior cert jclearn. Sarah sheppard is the office manager in hair oils ltd. Year end certificate of petty cash held as at 31st july department. The cash book is updated from original accounting source documents, and is therefore a book of prime entry and as such, can be classified as a special journal unlike other special journals such as the purchases journal or the sales journal, the cash ledger book records debit and credit entries. These balances include savings and checking accounts. You can find the questionsanswerssolutions for the chapter 4 of cbse class 11 accountancy in this page.
In this video, i will teach you about petty cash book. The following were his petty cash transactions during may, 2005. The support notes presented are not exclusive or definitive and alternative. Petty cash book is an accounting book used for recording expenses which are small and of little value, for example, stamps, postage and handling, stationery, carriage, daily wages, etc. Petty cash is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque, because of the inconvenience and costs of writing, signing, and then cashing the cheque. If a petty cash account for a noncentral office location is requested, the petty cash account certification field office attachment page 2 must be completed.
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