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Activities | ||
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Activity 1
Chose from the following list of words to complete the sentences given below. Click on the lines to see if you are correct.
commenced
imprest amount
petty cash fund
petty cash officer
reimbursement cheque
- It is considered good business practice for small
day-to-day expenses to be paid through the
. - The amount with which this system is is called the imprest amount.
- The person in charge of the petty cash is known as the
.
- Total expenditure for the period plus cash on hand
should always equal the .
- The cheque drawn to replenish the petty cash float is
called the .
Activity 2
The following three purchases have been made and reimbursed from the Petty Cash fund. Have the petty cash vouchers been accurately completed?
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Purchase 1
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Purchase 2
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Purchase 3
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Activity 3
James Morrison & Sons Organisational Policy and Procedures
- Paper and envelopes, staples, paperclips, rubber bands and other similar items are purchased as required. Use the account heading Stationery to record these items.
- Occasionally you use taxi or your own car to hand-deliver important papers in the city and you also meet visitors at the airport when necessary. Use the heading Travel Expenses to record these items.
- Morning teas and lunches for staff training sessions and meetings are paid for out of the petty cash fund. These are recorded under the title Hospitality.
- Use the Sundries (Miscellaneous) column to record any other items of expenditure which do not come in to the stated categories.
- Note: there is a column for recording GST incurred on any purchases. This will assist the bookkeeper when preparing the reimbursement cheque. Please record all GST.
You can either draw up your own petty cash book, using the following as a guide, or use an Excel Spreadsheet for the Petty Cash record. Print out or draw a facsimile cheque to complete this task.
Enter the following transactions into the petty cash book for James Morrison & Sons. Balance the fund on 23 February and complete the cheque to reimburse the fund.
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Date
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Transaction
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Amount
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Feb 2
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Imprest cheque for $150 cashed to open the fund
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2
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Coffee, tea and sugar ($1.30 GST)
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14.50
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3
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Sandwiches for Heads of Section meeting ($1.20 GST)
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13.20
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Jiff and Cleaning Cloths for kitchen area (.80 GST
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8.80
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6
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Taxi fare to deliver papers to Head Office ($.90
GST)
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9.90
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10
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Manilla Folders ($1 GST)
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11.00
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12
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1 box each staples, paperclips, pins
and 1 hole punch ($1.40 GST)
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15.40
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15
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Mileage money for staff member collecting package
from Airport
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6.00
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20
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Milk, sugar and biscuits ($0.25 GST)
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9.55
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23
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Documents sent Express Post to Head Office ($0.60
GST)
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6.60
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Activity 4
Check the following cheques for accuracy. You work for Country Décor and have received these cheques in the mail on 18 September 2003. You wish to bank them on the same day. Don’t forget that the cheques would have taken a few days to arrive!
Activity 5
You have the following money to bank on 15 October 2003. Tally up the total amount.
14 x $100 notes, 20 x $50 notes, five x $20 notes, 13 x $10 notes, twelve x $5 notes, 27 x $2 coins, 15 x $1 coins, 30 x 50c coins, 28 x 20c coins.
Activity 6
Prepare a Merchant Summary using the vouchers below.
Activity 7
Prepare a Bank Deposit using the cash, cheques and vouchers below.
Activity 8
Prepare an Invoice for this Purchase Order. Assume that the costs stated on the purchase order are correct.
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Activity 9
Check the following Purchase Order against the Delivery docket received. Are there any errors?
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Activity 10
Check the Purchase Order from Activity 9 with this Tax Invoice. Are any corrections necessary?
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