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Petty Cash, Part 1

PART I
Ganito, isipin nyo muna, ang petty cash, nasa isang maliit na kahon. Ang petty cash kasi ginagamit yan para sa maliliit na gastos, para hindi withdraw nang withdraw ang kumpanya sa banko ng pera pambayad sa pamasahe, pambili ng coupon bond at iba pang office supplies, gas, at kung ano ano pang gastusin.

Sa simula, para maintindihan nyo yung konsepto ng petty cash, simpleng simple munang problema gamitin natin.

Teka, bago tayo magsimula tandaan nyo palagi na imprest system tayo, meaning to say, hindi natin binabawasan yung petty cash account unless end of the year na at hindi pa narereplenish. Ok, para mas maintindihan nyo, ilagay natin sa problem. To illustrate:

Tomasino Company’s petty cash custodian has the following in its cash box:
Bills and Coins: P 200
Petty Cash Vouchers: P 1,800
Postdated Checks from Company Officers: P 1,000
IOUs from employees (vale): P 500
The Petty Cash of Tomasino is established at P3,500.

Ok, kung bibilangin nyo yung laman ng Cash Box, nagmatch sya sa established Petty Cash Fund.
200 + 1800 + 1000 + 500 = P 3,500

So ang ibig sabihin, walang cash short or over.

REPLENISHMENT

So, ang entry ng replenishment:

(dr) Expenses (various) 1,800
(cr) Cash in Bank 1,800

So, bakit cash in bank, hindi petty cash ang credit? Kasi nga, Imprest system ibig sabihin, the petty cash was kept intact. Pag nagreplenish tayo, magwiwithdraw agad tayo sa bank na pang replenish sa petty cash.

END OF YEAR ADJUSTMENT BECAUSE NO REPLENISHMENT MADE

Pano kung end of year, hindi pa nagrereplenish. Syempre, ang laman ng cash box, hindi lahat cash. So, para tumama ang value ng accounts, irerecognize mo yung tamang classification ng mga bagay bagay sa petty cash mo, tatanggalin mo yung mga hindi cash. So anong entry:

(dr) Expenses P 1,800
(dr) Receivable from Company Officers P 1,000
(dr) Receivable from Employees P 500

(cr) Petty Cash Fund P 3,300

So, bakit petty cash fund yung credit? Kasi hindi ka pa naman nagrereplenish eh. Di naman pupuwedeng Cash In Bank, kasi hindi ka naman nagwithdraw sa bank kasi nga di ka pa nagrereplenish. Yun ang rason kung bakit cash in bank ang credit pag replenish at petty cash fund account naman pag end of year at hindi pa narereplenish.

Kung iisipin nyo, magkano ang Petty Cash Account at the end of the year sa case na ito: bale, P3,500 minus P 3,300, equal sya sa P 200, which is the Bills and Coins, na considered as cash kasi cash sila talaga mismo.

So, ang Logic, ang adjustment at the end of the year, pag wala pang replenishment ay ginagawa para ang Petty Cash Fund ay equal lang talaga sa Cash contents ng petty cash fund. Kasi hindi naman Cash yung IOU – receivable yun, yung Postdated Check ng Officer – receivable yun kasi di mo pa pede ipapalit yung cheke. Hindi rin Cash yung vouchers, expenses na yun. So, ang cash lang talaga sa petty cash fund ay yung Bills and Coins. Kaya dapat at the end of the year, ang Petty Cash Fund ay equal palagi sa Cash na nasa petty cash fund.

Next yung may cash short and over.

kung may tanong, tanong lang para claro tayo

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Categories: Petty Cash, Part 1
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