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(a) Why do some businesses keep a petty cash book as well as a cash book?
(b) Kathryn Rochford keeps her petty cash book on the imprest system, the imprest being £25.
For the month of April 2017 her petty cash transactions were as follows:
£
Apr 1
Petty cash balance
1.13
2
Petty cashier presented vouchers to cashier and obtained cash to restore the imprest
23.87
4
Bought postage stamps
8.50
9
Paid to Courtney Bishop, a creditor
2.35
11
Paid bus fares
1.72
17
Bought envelopes
0.70
23
Received cash for personal telephone call
0.68
26
Bought petrol
10.00
(i) Enter the above transactions in the petty cash book and balance the petty cash book at 30 April, bringing down the balance on 1 May.
(ii) On 1 May Kathryn Rochford received an amount of cash from the cashier to restore the imprest. Enter this transaction in the petty cash book.
(c) Open the ledger accounts to complete the double entry for the following:
(i) The petty cash analysis columns headed Postage and Stationery and Travelling Expenses]
(ii) The transactions dated 9 and 23 April 2017.
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