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    Illustration: Adjusted at The End of The Period For Unreplenished Expenses

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    ALMA MORENA
    govtacctg

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    © All Rights Reserved
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    Illustration: Adjusted at The End of The Period For Unreplenished Expenses

    Uploaded by

    ALMA MORENA
    14 views2 pages
    govtacctg

    Original Title

    govtacctg-4

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    govtacctg

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views2 pages

    Illustration: Adjusted at The End of The Period For Unreplenished Expenses

    Uploaded by

    ALMA MORENA
    govtacctg

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    ILLUSTRATION

    Head of Entity A approves the establishment of a P50,000 petty cash fund.

    Date Petty Cash 50,000


    Cash – Modified Disbursement System, 50,000
    Regular
    To record the establishment of petty cash fund

    No journal entries are made as disbursements are made out of the petty cash fund.
    Journal entries will be made when the petty cash fund is (a) replenished, or (b)
    adjusted at the end of the period for unreplenished expenses.

    A cash count of the petty cash fund reveals the following:

    Coins and Currencies 12,500


    Vouchers:
    Office Supplies Expenses 10,000
    Fuel, Oil and Lubricants 15,000
    Postage and Courier Expenses 8,000
    Other Maintenance and Operating Expenses 4,500 37,500
    Total per count 50,000
    Accountability 50,000
    Shortage (Overage) -

    Case 1: The petty cash fund is replenished.

    Date Office Supplies Expenses 10,000


    Fuel, Oil and Lubricants 15,000
    Postage and Courier Expenses 8,000
    Other Maintenance and Operating Expenses 4,500
    Cash – Modified Disbursement System, 37,500
    Regular
    To record the replenishment of the petty cash fund

    Case 2: The petty cash fund is not replenished.

    Date Office Supplies Expenses 10,000


    Fuel, Oil and Lubricants 15,000
    Postage and Courier Expenses 8,000
    Other Maintenance and Operating Expenses 4,500
    Petty Cash 37,500
    To adjust the petty cash fund for unreplenished disbursements

    Case 3: The Petty Cash Fund Custodian retires and the petty cashh fund is closed.

    Date Cash – Collecting Officers 12,500


    Petty Cash 12,500
    To record the return of unused petty cash fund upon retirement of the Petty Cash
    Custodian

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