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Petty Cash book

This topic has 2 replies, 2 voices, and was last updated 9 years ago by John Moffat.

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August 3, 2016 at 1:48 am #330978
Abror
Member
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Good evening Mr John..There’s no lecture on the petty cash subject..Can you explain it in elaboration…The thing is I cant get any correct answer for questions related to this topic..
This is so annoying…Seems easy but….
Do we keep petty cash book what about debits credits what about SOFP and P&L..
Where do we transfer payments of petty cash book..Do we write Petty cash T accounts?
Thank you very much..
August 3, 2016 at 2:02 am #330980
Abror
Member
- Topics: 75
- Replies: 38
It would be great if you explained it by giving a simple example…From prime entry to statements..thanks
August 3, 2016 at 8:01 am #331009
John Moffat
Keymaster
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Petty cash is dealt with in the lectures and lecture notes.
Payments out are credited in exactly the same way as with the cash at bank and debited to the relevant expense accounts.
Payments in come from the bank and so we debit petty cash and credit cash at bank.
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