ACCA F3 Books of Prime Entry Lecture 4

Comments

1. jojufijo says

   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?

   Log in to Reply

   • 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 🙂

     Log in to Reply

     • jojufijo says

       November 18, 2017 at 3:24 pm

       Thank you 🙂

     • John Moffat says

       November 18, 2017 at 6:59 pm

       You are welcome 🙂

2. asifacca4 says

   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.

   Log in to Reply

   • John Moffat says

     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.

     Log in to Reply