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Most companies would record this entryor any other entry that
credits cashin the cash disbursements special journal, but the
illustrations use the general journal to eliminate journal columns that
are not relevant to this discussion and to conform with this subject's
presentation in most textbooks.
Whenever someone in the company requests petty cash, the petty
cash custodian prepares a voucher that identifies the date, amount,
recipient, and reason for the cash disbursement. For control purposes,
vouchers are sequentially prenumbered and signed by both the person
requesting the cash and the custodian. After the cash is spent, receipts
or other relevant documents should be returned to the petty cash
custodian, who attaches them to the voucher. All vouchers are kept
with the petty cash fund until the fund is replenished, so the total
amount of the vouchers and the remaining cash in the fund should
always equal the amount assigned to the fund.
Notice that the petty cash account is debited or credited only when the
fund is established or when the size of the fund is increased or
decreased, not when the fund is replenished.
If the voucher amounts do not equal the cash needed to replenish the
fund, the difference is recorded in an account named cash over and
short. This account is debited when there is a cash shortage and
credited when there is a cash overage. Cash over and short appears on
the income statement as a miscellaneous expense if the account has a
debit balance or as a miscellaneous revenue if the account has a credit
balance. In the journal entry below, the vouchers total $130 but the
fund needs $135, so the entry includes a $5 debit to the cash over and
short account.
If the vouchers total $130 but the fund needs only $125, the journal
entry includes a $5 credit to the cash over and short account.
To start a petty cash fund you need to open a general ledger account
entitled Petty Cash. This will be an additional cash account that you
could report either separately or have its balance included with other
cash accounts when preparing a balance sheet.
Next you need to write a check for the amount that you believe is the
amount needed for making small payments in your office. Lets
assume that the amount will be $100. When processing the check you
would indicate the account code for Petty Cash, so that the new
account will be debited for $100.
You also need to designate one person to be the petty cash custodian.
This persons name will be the payee of the $100 check. This person
will then be accountable for the $100. At all times the custodian must
have a combination of cash and petty cash receipts which add up to
$100.
Just prior to issuing financial statements, the petty cash custodian
should request cash for the petty cash receipts. This is known as
replenishing the petty cash fund. This allows for the expenses to be
included in the income statement and will result in the custodian
having the $100 of cash that will be reported in the balance sheet. The
custodian can also replenish the petty cash fund when there is little
cash on hand due to a large amount of petty cash payments.
Ledger
General ledger.
A ledger[1] is the principal book or computer file for recording and
totaling monetary transactions by account, with debits and credits in
separate columns and a beginning balance and ending balance for
each account.
[edit]Overview
The ledger is a permanent summary of all amounts entered in
supporting journals which list individual transactions by date. Every
transaction flows from a journal to one or more ledgers. A
company's financial statements are generated from summary totals in
the ledgers.[2]
Ledgers include:
2,000
500
500
1,000
Jan. 20Cashsales
300
600
590
Discount allowed
10
50
Jan. 31PaidSalaries
100
Solution:
Date
Particulars
L.F.
Debit
12
2,000
13
Credit
2,000
Jan. 3 Karim
To Sales Account
14
500
15
500
Jan. 10 CashAccount
To Karim Account
13
500
14
500
(Cashreceived)
16
13
1,000
1,000
Jan. 20 CashAccount
13
To Sales Account
300
15
300
17
To Sales Account
600
15
600
Jan. 28 CashAccount
Discount Allowed
To Rahim & Sons
13
590
18
10
17
600
(Cashreceived, discount
allowed)
19
50
13
50
(Rent paid)
Jan. 31SalariesAccount
To CashAccount
20
100
13
100
(salariespaid)
Total
5,650
LEDGER ACCOUNT
5,650
Purchases Account
Date
Particulars
1991
.
To Casha/c
Jan.1
Particulars
J.F. Amount
30 2,000
Cash Account
Date Particulars J.F. Amoun Date
t
1991.
Jan.1 To Karim
0
To Sales a/c
Jan.2 To Rahim &
0
Sons
Jan.2
8
30
30
30
500
300
590
Particulars
J.F Amoun
.
t
1991.
Jan.1 By Purchases a/c 30
By Machinery
30
a/c
30
By Rent a/c
30
By Salaries a/c
2,000
1,000
50
100
Karim Account
Date
Particulars
1991
.
To Sales a/c
Jan.1
500
Particulars
1991.
Jan.1 By Casha/c
0
J.F. Amount
30
500
Sales Account
Date
Particulars
Particulars
J.F. Amount
1991.
Jan.3 By Karim
30
By Casha/c
30
By Rahim & Sons 30
500
300
600
Machinery Account
Date
Particulars
Particulars
J.F. Amount
t
1991
.
To CashAccoun 30
Jan.1 t
5
1,000
Particulars
1991
.
To Sales a/c
Jan.2
5
600
Particulars
1991.
Jan.2 By Casha/c
8
By Discount a/c
J.F. Amount
590
10
Discount Account
Date
Particulars
1991
.
To Rahim &
Jan.2 Sons
8
Particulars
J.F. Amount
Particulars
J.F. Amount
10
Rent Account
Date
Particulars
1991
.
To Casha/c
Jan.3
0
50
Salaries Account
Date
1991
Particulars
Particulars
J.F. Amount
.
To Casha/c
Jan.3
1
30
2,000