(a) Explain the advantages of imprest system of a petty cash
(b) Enter the following transactions in the Musoke’s petty cash book having the analysis columns for postage, stationery, travelling expenses, office expenses and ledger account.
1992 May shs
1st received cash float of 20,000
3rd paid for Bus fares 2,000
5th bought stamps 1,500
10th paid for stationery 2,200
15th paid office messenger 2,300
17th paid okello 3,400
18th paid telegrams 1,200
22nd paid train fares 1,800
25th bought carbon papers 1,000
30th paid office expenses 1,500
(a) Hwang Sung Ltd maintains a petty cash book with headings to the analysis columns of postage, stationery, petrol, entertainment and advertisement. During the week ending 16th March 2007, the following expenses were secured from a petty cash balance of 150,000/=
March 12: Postage Shs. 5,500, Entertainment Shs. 7,000
March 13: Petrol Shs. 12,000, Postage Shs. 4,500
Advertisement Shs. 7,500, Stationery Shs. 10,500
,, 14: Advertisement Shs. 10,000, Entertainment Shs. 3,000
Postage Shs. 6,500
,, 15: Petrol Shs. 12,000, Postage Shs. 4,500
Entertainment Shs. 6,500
,, 16: Entertainment Shs. 15,000, Petrol Shs. 13,000
Advertisement Shs. 7,500
,, 16: Re-imbursement from the main cashier.
3 a) Define the term imprest system as used in a petty cash book
b) Mr. Onyu was issued an imprest of shs 150,000 on 1st April, 2006 and spent it as follows
April 2006
1st transport 18,000
Meals 5,000
Stationary 1,000
2nd accommodation 24,000
Meals 5,000
Telephone 3,000
Transport 2,000
3rd meals 7,500
Accommodation 24,000
Stationery 1,500
Telephone 4,200
4th stationery 2,500
Transport 2,500
Meals 5,000
Accommodation 13,000
5th meals 2,500
Transport 20,000
Telephone 1,000
Required: prepare a petty cash book with the following columns
| 2008 | shs | |||
| Dec | 1 | Cash received to restore the imprest amount. | ||
| “ | 4 | Postage stamps | 20 | |
| “ | 5 | MTR fares | 150 | |
| “ | 9 | Petrol for the motor car | 300 | |
| “ | 10 | Stationery | 12 | |
| “ | 11 | Bus fares | 100 | |
| “ | 15 | Refund to Winnie Poon, a trade debtor, who had overpaid. | 18 | |
| “ | 17 | Donation | 300 | |
| “ | 18 | Cleaning expenses | 200 | |
| “ | 20 | Settlement of Candy Li’s account in the accounts payable ledger. | 78 | |
| “ | 22 | Registered letter postage | 23 | |
| “ | 26 | Refund to Steven Wu, a trade debtor, who had overpaid. | 22 | |
| “ | 28 | Cleaning expenses | 200 | |
| “ | 30 | Envelopes | 26 | |
Required:
(a) Record the above transactions in a petty cash book with analysis columns for postage, travelling expenses, cleaning, stationery, miscellaneous expenses and ledger account.
(b) Complete all necessary double entries for the month of December 2008 in the ledgers
5 a) What reasons would lead a large firm to keep a separate cash book from a petty cash book?
1st received the imprest amount
1st postage stamps and envelope 6,000
3rd glue and cello tape 2,500
8th news paper vendor 12,800
11th managers fuel bill 25,000
14th shop cleaning for the two weeks 4,700
17th fax to London 1,800
19th taxi hire for out door service 10,000
20th creams and lotions 50,000
21st barbers wages 15,000
23rd telephone cards 27,500
25th receipt books, invoice and writing pads 21,000
26th cleaning materials 18,000
28th detergents (omo, jik) 27,300
30th telegrams 3,400
Required:
Prepare a petty cash book with analysis columns using the following headings: postal services, stationery, shop expenses, travelling and ledger
Corner Kilak pub maintains a petty cash book on an imprest system. The imprest amount is shs 1,000,000 and the balance at the beginning of the month was shs 200,000. The following cash transactions took place during the month of June 1994
1st paid for stamps shs 25,000, envelopes shs 10,000 and aerogramme shs 5,000
5th paid for bar license for shs 30,000
7th paid for business directory from monitor publications shs 12,500
10th bought pens, ink, pins, staples, Cello tape shs 20,000
13th paid telephone cards and telephone billings totaling shs 75,000
15th paid carriage for the return of soda empties to Kampala shs 50,000
16th paid for email and fax bills for Mayi shs 117,500
21st paid news paper vendor for one month supply of the monitor and new Vision new papers shs 36,000
22nd refunded the manager’s transport expenses to Kampala shs 60,000
24th bought wrapping paper for gifts to outstanding customer’s shs 18,500
25th paid for advertising space in Pece stadium shs 18,500
27th paid supplier Mr. Orone shs 115,000
27th paid sugar and tea leaves shs 10,000 and bread shs 16,000
28th paid shell (u) shs 85,000 for fuel supplied
30th paid office messenger’s wage for the month shs 30,000 and bar attendants’ shs 90,000
30th paid transport of merchandise to the depots shs 175,000
Required to:
Draw up a petty cash book duly balanced with the following columns
(i) Communications
(ii) Selling and distribution
(iii) Fuel and travel
(iv) Bar expenses
Note: put expenses under their specific heading
a) mention any five advantages of recording petty cash on the imprest system
b) The bursar of St. Henry’s college school Gangu maintains his books on the imprest system. He is given a weekly cash float of shs 600,000 and the amount spent is re-imbursed by drawing a cheque on Crane bank account N0. 3851
During the beginning 8th march the following transactions took place
March 8th balance b/d 20,000
Re-imbursement?
9th paid for petrol and oil shs 40,000
Paid for office stationery shs 10,000
Paid a supplier for amount due shs 60,000
Paid for staff lunch and tea shs 100,000
10th paid office messenger bus fare delivery letters and parcels shs 14,000
Paid for postage stamps and telegram shs 20,000
Paid for news papers and magazines shs 15,000
11th paid for newspapers and magazines 15,000
Paid for staff lunch and tea shs 10,000
12th paid hotel bill and accommodation for head mistress shs 80,000
Paid for the cost of repairing school van shs 20,000
13th paid office cleaner’s wages 25,000
Paid a supplier for amount due shs 60,000
Paid for office stationery shs 15,000
14th paid for van petrol and oil shs 50,000
Paid hotel bill and accommodation for head mistress shs 80,000
Paid for staff lunch and tea shs 10,000
Paid office cleaner’s wages shs 20,000
Required to:
Write the St Henry’s college school Gangu petty cash book using the analysis columns for travelling and motor expenses, stationery and office expenses. Cleaning, postage and telegrams, miscellaneous and sundry expenses and ledger accounts duly balanced
2005
Aug 1 Received from petty cashier shs100 as petty cash float
Shs
Aug 2 Rail fares 17
Aug 4 Petrol 8
Aug 8 Stationery 4
Aug 10 Cleaning 11
Aug 18 Petrol 16
Aug 21 Cleaning 10
Aug 22 Bus fares 4
Aug 25 Cleaning 2
Aug 28 Stationery 5
Aug 30 Petrol 6
(a) Rule up a petty cash book with analysis columns for expenditure on cleaning, travel expenses and stationery.
(b) Enter the month’s transactions.
(c) Enter the receipt of the amount necessary to restore the imprest and carry down the balance for the commencement of the following month.
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