Task 3 - Petty Cash

As the Junior Bookkeeper for Bright Sparks Electrical, you are required to maintain the petty cash records in accordance with the policies and procedures. You are currently holding petty cash voucher 0250 as the next voucher. The following transactions have occurred in relation to petty cash claims for the month of June:

8/6/2023	Barry claims expenses for the staff lunchroom (milk and biscuits).	$7.20 GST incl is 50c
14/06/2023	Joe claims for computer printer ink.	$56.10 incl GST
19/6/2023	Petty cash paid to staff member, Joyce, to reimburse for stationery.	$27 incl GST
30/6/2023	Petty cash paid to staff member, Mike, to reimburse for postage.	$19.20 incl GST
30/6/2023	Reconcile the Petty Cash Book. Chq no. 2154 is to be drawn to record the expenses for the month.

 

Petty cash records are maintained in the Excel template file FNSACC321_AT1_TMP_TQM_v2.1.xlsx which has been supplied in Connect. 

 

1. Review the Bright Sparks Electrical Policies and Procedures (Appendix 2) and identify any invalid petty cash claims. Explain what happens to payments not valid for reimbursement from petty cash.

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You are required to complete the following in this template file:

1. Identify correct petty cash claims and prepare vouchers for valid petty cash expenditure.
2. Enter the transactions into the Petty Cash Book.
3. Total up each columns of the Petty Cash Book.

Do total debits = total credits in the Petty Cash Book                                        ☐ Yes     ☐ No

If not, you are out of balance, so you need to check your work.

1. On the 30 June reconcile the Petty Cash Book and prepare the reimbursement cheque required and enter the reimbursement cheque into the Petty Cash Book.
2. How much should you have left in the Petty Cash float before reimbursement? ................... 

DR Sundries (other) Bright Sparks Electrical - Petty Cash Petty Cash Book CR DR DR DR Petty Cash Voucher 250 Amount Rec'd Date Voucher Particulars Total $ Number Staff Amenities Postage Stationery $ Date: Paid to: 8/6/2023 Barry Milk and biscuits S 120.00 1/6/2023 8/6/2023 Chq 249 Opening Balance 250 Milk and biscuits for staff lunchroom S 7.20 $ 6.70 19/6/2023 251 Stationery S 27.00 s 24.55 for staff Paid for: Junchroom Total Paxt S 7.20 GST inchaded: S 0.50 Authorised by: John Bright Petty Cash Voucher 251 Date: 19/6/2023 Paid to Joyce Paid for: Stationery DR Folio (Ledger Ref) GST Paid S 0.50 S 245 30/6/2023 252 Postage S 19.20 $ 17.45 S 1.75 30/6/2023 $ 53.40: Balance Carried Down (c/d) S 66.60 S 120.00 Balance Brought Down (b) Reimbursement S 53.40 $ 6.70 $ 17.45 S 24.55 $ S 4.70 Cheque Total Paid: S 27.00 GST included: 245 MyBank Aspley QLD 4030 Authorised by: John Bright Petty Cash Voucher Pay: Cash The sum of: Fifty-three dollars and forty cents only Date: 30/6/2023 Drawer Paid to: Mike Postage Bright Sparks Electrical Authorised John Bright Signature: Paid for 2154 064 235 56987456 Total Paid: GST included: 19.20 1.75 Authorised by: John Bright Ledger Reference CR 6-5200 DR 6-3350 DR 6-3550 DR DR 1-2010 DR Cheque number: 2154 Date: 30/6/2023 S 53.40