Accounting·Basic accounting systems · NSSCO 2.3
The Petty Cash Book & imprest system
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Every busy office makes lots of tiny cash payments — stamps, tea, cleaning, a pen or two. We'll see why they get their own book, meet the petty cash voucher, discover the book's clever dual function, learn the imprest system slowly, fill in a full Petty Cash Book with analysis columns, balance it, restore the float, and post the double entry to the ledger. All in N$.
What you'll learn in this lesson
By the end you should be able to (NSSCO Accounting 2.3):
- Complete a petty cash voucher and explain its uses
- Explain why a Petty Cash Book is used
- Explain the dual function of the Petty Cash Book as a book of first entry and as a ledger account for petty cash
- Record transactions in the Petty Cash Book using the imprest system and balance it
- Complete the double entry to the Cash Book and the accounts in the Ledgers
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