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Added for You - Analytical Cash Receipts and Cash Payments Books
The deepest Coal Mine in the world is over 5000 feet below the ground in the UK. Many in the United States are over 1200 feet deep, most of those are closed and now few are remaining. There is a mine in Alabama, which is the deepest vertical shaft coalmine in North America, with operations at 2,140 feet beneath the surface. It is hard for the coalmines in Washington State, Pennsylvania, West Virginia and Alabama to compete with the incr
Analytical or C
Soap: In our daily life we use different forms of soap. We can’t imagine a single day without the use of soap. It is an essential part of cleanliness in our civilized society.There are three different forms of soap available in the market. These are Soap Bars, Detergent Powders and Liquid Soaps. Now we will discuss how these are manufactured in detail.Bar Soap: The raw materials in bar soaps are fats, fatty acids and inorg
Petty Cash Book
Every business has to make payments involving smaller or petty amount, e.g.. carriage, cartage, cooly hire, postage telegrams etc. Such payments, by their very nature cannot be made by cheques. It is usual for the business units to maintain a separate cash book to record small payments only. Such cash book is known as Petty Cash Book. It relieves the main cash book of numerous transactions involving petty sums and also helps in reducing the work-load of chief cashier.
Imprested System
Under this method, petty cashier is provided with a fixed amount of money known as imprested or float which is sufficient to meet the needs of balancing period. Balancing period may be a week or fortnight or month. At the end of balancing period the petty cashier is given fresh cheque of the amount equal to his payments during the same period. Thus, in the beginning, every time, he will start with the amount fixed : i.e. imprested or float.
Usual method of maintaining petty cash book is to rule it for obtaining analysis of expenditure. The book will have one column on the debit side to record receipt of cash (only from the main cashier) and credit side is divided into different columns. Each column is reserved for one particular type of expenditure. Name and number of columns in each case will depend upon the requirements of the business.
Advantages
(1) Reduces the work load of chief cashier.
(2) Effective control can be exercised over small payments because each payment has to be supported by vouchers and vouchers are examined frequently i.e.. at the end of each balancing period.
(3) Saving in labor because each payment is not required to be posted in the ledger separately.
Accounting Treatment
The periodical cheques drawn for petty cash are entered on the credit side of the cash book and debited to Petty Cash A/c in the ledger. Such amount shall also be entered on the debit side of the Petty Cash Book (for memorandum purposes). At the balancing period the Petty Cash Book will be analyzed under the different columns provided in it. For each column provided init (except ledger and miscellaneous columns) one nominal account is opened in the ledger. Each expense account or nominal account will be debited and Petty Cash Ale will be credited. This should be done by means of journal entry. Reason is that here petty cash book is considered to be a memorandum book only.
Analytical or Co
What are the top 3 ramifications of the options backdating scandal?If you remove the usual tax consequences, shareholder lawsuits, restatement, etc. What things do we see coming down in terms of legislation/new rules and regulations and where are the opportunities?1. Revisiting Executive compensation: It supposed to be aligned with shareholder, but as examples of Cyberonics points out, not exactly. We see examples of Googl
Imprested System
Under this method, petty cashier is provided with a fixed amount of money known as imprested or float which is sufficient to meet the needs of balancing period. Balancing period may be a week or fortnight or month. At the end of balancing period the petty cashier is given fresh cheque of the amount equal to his payments during the same period. Thus, in the beginning, every time, he will start with the amount fixed : i.e. imprested or float.
Usual method of maintaining petty cash book is to rule it for obtaining analysis of expenditure. The book will have one column on the debit side to record receipt of cash (only from the main cashier) and credit side is divided into different columns. Each column is reserved for one particular type of expenditure. Name and number of columns in each case will depend upon the requirements of the business.
Advantages
(1) Reduces the work load of chief cashier.
(2) Effective control can be exercised over small payments because each payment has to be supported by vouchers and vouchers are examined frequently i.e.. at the end of each balancing period.
(3) Saving in labor because each payment is not required to be posted in the ledger separately.
Accounting Treatment
The periodical cheques drawn for petty cash are entered on the credit side of the cash book and debited to Petty Cash A/c in the ledger. Such amount shall also be entered on the debit side of the Petty Cash Book (for memorandum purposes). At the balancing period the Petty Cash Book will be analyzed under the different columns provided in it. For each column provided init (except ledger and miscellaneous columns) one nominal account is opened in the ledger. Each expense account or nominal account will be debited and Petty Cash Ale will be credited. This should be done by means of journal entry. Reason is that here petty cash book is considered to be a memorandum book only.
Analytical or C
Accounting software has been gaining momentum over the past years. Companies which use these software vouch for their efficiency to handle loads of accounting functions but do not add up to the costs unlike hiring a pool of trained and licensed accountants. Basically, an accounting software functions like a true accountant who handles accounts payable, accounts receivable, payroll and trial balance. Furthermore, the software can accommo
Usual method of maintaining petty cash book is to rule it for obtaining analysis of expenditure. The book will have one column on the debit side to record receipt of cash (only from the main cashier) and credit side is divided into different columns. Each column is reserved for one particular type of expenditure. Name and number of columns in each case will depend upon the requirements of the business.
Advantages
(1) Reduces the work load of chief cashier.
(2) Effective control can be exercised over small payments because each payment has to be supported by vouchers and vouchers are examined frequently i.e.. at the end of each balancing period.
(3) Saving in labor because each payment is not required to be posted in the ledger separately.
Accounting Treatment
The periodical cheques drawn for petty cash are entered on the credit side of the cash book and debited to Petty Cash A/c in the ledger. Such amount shall also be entered on the debit side of the Petty Cash Book (for memorandum purposes). At the balancing period the Petty Cash Book will be analyzed under the different columns provided in it. For each column provided init (except ledger and miscellaneous columns) one nominal account is opened in the ledger. Each expense account or nominal account will be debited and Petty Cash Ale will be credited. This should be done by means of journal entry. Reason is that here petty cash book is considered to be a memorandum book only.
Analytical or C (1) Reduces the work load of chief cashier. (2) Effective control can be exercised over small payments because each payment has to be supported by vouchers and vouchers are examined frequently i.e.. at the end of each balancing period. (3) Saving in labor because each payment is not required to be posted in the ledger separately. Accounting Treatment The periodical cheques drawn for petty cash are entered on the credit side of the cash book and debited to Petty Cash A/c in the ledger. Such amount shall also be entered on the debit side of the Petty Cash Book (for memorandum purposes). At the balancing period the Petty Cash Book will be analyzed under the different columns provided in it. For each column provided init (except ledger and miscellaneous columns) one nominal account is opened in the ledger. Each expense account or nominal account will be debited and Petty Cash Ale will be credited. This should be done by means of journal entry. Reason is that here petty cash book is considered to be a memorandum book only. Analytical or C Analytical or Columnar Petty Cash Book While recording the transactions in petty cash book if all the expenses are analyzed and entries are recorded in cash book on the basis of this analysis. such petty cash book is called 'analytical petty cashbook'. For recording the expenses in this book, whole of the petty expenses are classified into few 'heads' and a decision is taken as to which of the petty expenditure is to be recorded under which head. All expenses are recorded in the books according to the decision. The description of each expenditure is recorded in particulars column but the head of expenditure recorded in separate columns. At the end of period this petty cash book is balanced in the same manner as in case of simple petty cash book.
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