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  • Petty Cash Fund - Pro Forma Entry

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    Alyson Fortuna
    121 views12 pages
    This document discusses two systems for managing a petty cash fund: the imprest fund system and the fluctuating fund system. Under the imprest fund system, the petty cash amount remains fixed and journal entries are made to replenish or adjust the fund. The fluctuating fund system allows the petty cash amount to fluctuate and expenses are recorded against the fund directly without replenishment entries.

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    Petty Cash Fund -Pro Forma Entry

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    This document discusses two systems for managing a petty cash fund: the imprest fund system and the fluctuating fund system. Under the imprest fund system, the petty cash amount remains fixed and journal entries are made to replenish or adjust the fund. The fluctuating fund system allows the petty cash amount to fluctuate and expenses are recorded against the fund directly without replenishment entries.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
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    Download as pptx, pdf, or txt
    121 views12 pages

    Petty Cash Fund - Pro Forma Entry

    Uploaded by

    Alyson Fortuna
    This document discusses two systems for managing a petty cash fund: the imprest fund system and the fluctuating fund system. Under the imprest fund system, the petty cash amount remains fixed and journal entries are made to replenish or adjust the fund. The fluctuating fund system allows the petty cash amount to fluctuate and expenses are recorded against the fund directly without replenishment entries.

    Copyright:

    © All Rights Reserved
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 12

    Petty Cash Fund

    Correction
    Proforma Entry
    Petty Cash Fund
    Petty
    Petty Cash
    Cash Fund
    Fund
    Established to pay small or petty disbursements that are
    very inconvenient to pay by checks

    Petty Cash Fund systems:


    1) Imprest fund system
    2) Fluctuating fund system
    Imprest
    Imprest Fund
    Fund System
    System
    To establish petty cash fund
    Petty cash fund Pxx
    Cash in bank Pxx

    Payments from petty cash fund


    No journal entry

    To replenish petty cash fund


    Expenses Pxx
    Cash in bank Pxx
    Imprest
    Imprest Fund
    Fund System
    System
    To replenish petty cash fund (with shortage)
    Expenses Pxx
    Cash short/over xx
    Cash in bank Pxx

    To replenish petty cash fund (with overage)


    Expenses Pxx
    Cash in bank Pxx
    Cash short/over xx
    Imprest
    Imprest Fund
    Fund System
    System
    To increase petty cash fund
    Petty cash fund Pxx
    Cash in bank Pxx

    To decrease petty cash fund


    Cash in bank Pxx
    Petty cash fund Pxx

    To adjust petty cash fund at period end


    Expenses Pxx
    Petty cash fund Pxx
    Fluctuating
    FluctuatingFund
    FundSystem
    System

    To establish petty cash fund


    Petty cash fund Pxx
    Cash in bank Pxx

    Payments from petty cash fund


    Expenses Pxx
    Petty cash fund Pxx

    To replenish petty cash fund


    Petty cash fund Pxx
    Cash in bank Pxx
    Fluctuating
    Fluctuating Fund
    Fund System
    System
    To replenish petty cash fund (with shortage)
    Petty cash fund Pxx
    Cash short/over xx
    Cash in bank Pxx

    To replenish petty cash fund (with overage)


    Petty cash fund Pxx
    Cash in bank Pxx
    Cash short/over xx
    End

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