Petty cash

DETAILED OVERVIEW OF ACCOUNTING TRANSACTIONS AND ACCOUNTING POLICIES FOLLOWED BY TVS & SONS LIMITED PETTY CASH VOUCHERS (PCV) When it is a petty cash voucher it refers to petty expenses, in TVS & SONS it includes Reimbursement of travelling expenses incurred by the supplier, Mobile charges, Xerox expenses, expenses incurred for Marriage functions, Cost of tender document purchase, Receiving and Delivery (R&D) charges and Courier charges. The following are some of the items that are found in these

Creditors Control R12 000 Debit Purchases R12 000 Credit Creditors Control R12 000 Debit Creditors control R12 000 Credit Trading Stock R12 000 Debit Trading Stock R12 000 Credit Bank R12 000. (15) (b) (c) (d) 1.2.2 Julies Bookshop sells books for cash to a customer, I Reid, for R1 750. The entries in the ledger will be: (a) (b) (c) (d) Debit Debtors Control R1 750; Credit Sales R1 750 Debit Cost of Sales R1 000; Credit Trading Stock R1 750 Debit Debtors Control R1 750; Credit Trading Stock R1 750

ASSEMBLE MADE FOR YOU Inspecting assembled products for appearance and taste : * For hot products, make sure they have been in the Heated Landing Zone(HLZ) for 1 minutes. * Unwrap or open the product’s wrap, check to see if the product has the following characteristics : -products look appetizing. - it is neatly and correctly dressed, with tender loving care. - it is not crushed or abused. -it does not have condiments on wrap, box or bowl. Inspecting assembled products for temperature

company’s petty cash is being handled by all employees and they are only being asked to leave a note in the drawer when it is being used. Why are all employees being allowed to have access to the petty cash fund? How do you know that it is being used to benefit the company, not the employee? Why is the cash not locked away instead of being placed in a desk drawer? This violates the Human Resources Control as well as the Physical Control. Employees who handle cash should be bonded and all cash should

Cash and Cash Equivalents Cash This includes money and other negotiable instrument that is payable in money and acceptable by the bank for deposit and immediate credit. Examples are bills and coins, checks, bank drafts and money orders. To be included or considered as cash, it must be unrestricted as to use, meaning, it must be readily available for use or payment of current obligations, thus, not subject to contractual or legal restrictions. The following items are included in “cash”:

monitor movement of stock. You will know every time stock leaves the store when it hasn’t been paid for and this will monitor and prevent theft. • Storing valuables in safes or enclosed secure areas also prevents theft. • Assign an individual to receive cash but then a different

ACCT 550 Week 4 Homework Assignment To Buy This material Click below link http://www.uoptutors.com/acct-550/acct-550-week-4-homework-assignment E6-5 (Computation of Present Value) Using the appropriate interest table, compute the present values of the following periodic amounts due at the end of the designated periods. (a)    $30,000 receivable at the end of each period for 8 periods compounded at 12%. (b)     $30,000 payments to be made at the end of each period for 16 periods at 9%. (c)  

and Cash Chapter STUDY OBJECTIVES After studying this chapter, you should be able to: 1 Define internal control. 2 Identify the principles of internal control. 3 Explain the applications of internal control principles to cash receipts. 4 Explain the applications of internal control principles to cash disbursements. 5 Describe the operation of a petty cash fund. 6 Indicate the control features of a bank account. 7 Prepare a bank reconciliation. 8 Explain the reporting of The Navigator cash.

Prohibition, and the development of the sport NASCAR NASCAR wasn’t always one of America’s favorite things to watch or a multimillion-dollar sport. It was actually inspired by criminal activity during the twentieth century. How racecars became part of American life goes back to the early days of prohibition and how gangsters avoided the law. During this time temperance organizations wanted to restrict or abolish the consumption of alcoholic beverages. By the early 20th century, women’s groups throughout

future sales value 2. Which of the following practices contributes to efficient cash management? a. Never borrow money – maintain a cash balance sufficient to make all necessary payments. b. Record all cash receipts and cash payments at the end of the month when reconciling the bank statements. c. Prepare monthly forecasts of planned cash receipts, payments, and anticipated cash balances up to a year in advance. d. Pay each bill as soon as the invoice arrives