Concept Introduction:
Petty Cash Fund:
Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence there is an important need to maintain control over petty cash funds.
Requirement-1:
To Prepare:
The journal entries to record the establishment of the Petty Cash fund and reimbursement of the fund.
Concept Introduction:
Petty Cash Fund:
Petty cash funds the amount of money provided for day-to-day small expenses depending upon the level of business. All the expenses are made by paying cash; hence, there is an important need to maintain control over petty cash funds.
Requirement-2:
To Identify:
The two events which cause a petty cash account to be credited in a
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