Petty Cash

fatandforty

We have been learning in class (and for homework) for the past 2 weeks how to draw up a petty cash book (imprest). Now I have been given 2 mock exams for unit 2 to do for homework this week and they are completely different to what we have been learning. Has anyone else found this? The mok exams are not using the imprest system so I am not balancing to the same amount as I started with and there are far more b/d and c/d than on the imprest system. Help!!

A-Vic

Hope this helps the difference between the none impress and impress the none impress you just carry forward the end figure for the following month and not start with the same amount.

Vic

fatandforty

Thanks for that but the task says that if the petty cash falls below a certain amount we have to then top up again and I just don't undertstand how to write that up.

PAMDILL

Just have an entry for a cheque or cash withdrawn from the bank in the petty cash ledger and increase your balance.

fatandforty

Thanks for that. I am going to college tonight and have given it a go so will soon find out if I have done it right. My exam is Saturday week so hopefully I will have it nailed by then. Just have to read that legal chapter again!!!

blobbyh

To be honest, I never really nailed the imprest petty cash system when I was doing foundation either and I don't think I was the only one in my class! No doubt if I read it now I'd understand it but at the time, I never got it so kind of ignored it!

Terrible advice I know!

fatandforty

I had written up the petty cash book correctly so thanks for all advice given.