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Worksheet 1.5 Introducing Petty Cash Books

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135 views3 pages

Worksheet 1.5 Introducing Petty Cash Books

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soeyoonzinzin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Cambridge IGCSE and O Level Accounting

Worksheet 1.5: Introducing petty cash books


1 Complete the table by writing a definition of each of the following terms.

Term Definition
Petty cash book
Imprest system
Petty cash voucher
Analysis columns

2 Complete the following statements.

The petty cash book is a book of prime entry because

The petty cash book is a ledger account because

3 State whether the following sentences are true or false.

True or false 1

Under the imprest system the petty cashier receives the


same amount every month from the chief cashier.
Any member of staff wishing to obtain petty cash must
present the petty cashier with a petty cash voucher.
The petty cash book is not part of the double entry system.
Fraud is more difficult when a petty cash book is maintained
using the imprest system.
Using a petty cash book reduces the number of entries in the
sales ledger.

4 a A
 petty cash book is maintained on the imprest system. The monthly
imprest of $100 is restored on the first day of each month. Insert the
missing figures in the following table.

January 1 Balance brought down $7 January 1 C


 ash received from chief
cashier $
31  Totals of analysis columns: $
Stationery 12 31 Total amount spent $
Postages 8

© Cambridge University Press 2018


Cambridge IGCSE and O Level Accounting

Cleaning 55 February 1 Balance carried down $


Travel 9 Cash received from chief
cashier $

b Assume that, in addition to the above information, the following


petty cash transactions also took place:

January 19 Received cash refund of $5 for faulty stationery.

30 A member of staff repaid $2 in cash for personal travel


expenses.

Insert the missing figures in the following table.

January 31 Total amount spent $

February 1 Balance carried down $

Cash received from chief cashier $

5 Jai maintains a petty cash book with a monthly imprest of $120 which 2

is restored on the first day of each month. He provided the following


information:

$
March 1 Balance     19
Received cash to restore imprest
3 Paid for postage costs       6
8 Paid bus fares    5
13 Bought tea and coffee for office        11
18 Received cash from employee for personal postage 2
21 Bought stationery          22
27 Paid cleaner       49
30 Paid taxi fare       9

Write up Jai’s petty cash book for March. Balance the book and bring the
balance down.

Show the restoration of the imprest on 1 April.

© Cambridge University Press 2018


Jai – Petty cash book

© Cambridge University Press 2018


Date Details Fo Total Date Details Vo Total Cleaning Postage & Travelling Sundry
received paid stationery expenses expenses
$ $ $ $ $ $
Cambridge IGCSE and O Level Accounting

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