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November 17, 2017 at 3:10 pm
Thank you for the wonderful lecture I have a question with regards to petty cash. As debit/credit actions are to be done when receiving cash from the bank (100 $ in your example) and when making expenses from it (10$ for cleaning and 20$ for charity in your example). Kindly could you clarify if these “petty” debit/credit actions be carried-out into the general ledger accounts as they occur on daily basis? Or should the bookkeeper wait until a certain period like weekly or monthly?
John Moffat says
November 18, 2017 at 9:48 am
They will usually be entered into the general ledger monthly, in total. However this is not a rule – it is up to the business to decide how often to enter them 🙂
November 18, 2017 at 3:24 pm
Thank you 🙂
November 18, 2017 at 6:59 pm
You are welcome 🙂
June 17, 2017 at 12:42 am
Sir, could you please explain what are petty cash payment vouchers and petty cash receipt vouchers? “CASH IN BOX PLUS PAYMENT VOUCHERS PLUS IOU FORMS LESS RECEIPT VOUCHERS __________________________ IMPREST AMOUNT:
Like we have in the stated formula.
June 17, 2017 at 10:20 am
Payment vouchers are papers stating the amounts of cash paid (usually the bill from the shop). Receipt vouchers are papers stating the amounts of cash received.
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