N4 Introductory Financial Accounting | Student Book Revision Exercise 10.1 (Petty Cash)


Required 1. Prepare the Petty Cash Journal of Ella Supermarkets, for the month of March 20.2 and provide for the following columns: Postage, Stationery, Sundry expenses and Sundry accounts.


2. The next document number is petty cash voucher number 47. 3. Complete the Petty Cash account in the ledger.


Transactions March 20.1 1 Petty cash on hand, R2 000 3 Bought postage stamps, R48 5 Paid for string, brown paper and glue, R22 7 Paid for repairs to the cash register, R98 8 Paid the owner’s laundry account, R161 9 Airfreight on parcels, R91 10 Paid for tea and sugar, R130 12 Bought a birthday gift for the office assistant, R180 14 Paid for railage, R34 15 Bought detergent and soap, R120 22 Paid for transport on goods sold, R190 23 Bought postage stamps, R32 25 Paid a casual labourer to clean the windows, R80 30 Restore the imprest amount


Revision Exercise 10.2 (accounting equation) Analyse the following transactions on a copy of the table below.


Source No. Document


Subsidiary Journal


General Ledger Account dr Effect on accounting equation Account cr A = 0 + L


1. Cashed a cheque for petty cash R400. 2. Interest on fixed deposit was received for R500. 3. Paid back R5 000 on the loan at CBS Bank. 4. Paid for stationery for R50 from petty cash. 5. The bank statement reflected a stop order for R500 for insurance. 6. Bought inventory for R90 from petty cash. 7. Paid for casual labour from petty cash of R100. 8. Cashed a cheque for R560 to restore the imprest amount of R600. 9. Received R670 for sales. 10. Received rent for the month of R1 300.


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