For this assessment task you are required to check petty cash receipts against a petty cash log, recording the transactions in a Petty Cash Book and the General Journal, as well as preparing for the month’s Petty Cash reimbursement. You will have to get approval, at a meeting with your assessor, for the Petty Cash vouchers and your General Journal entries before posting these to the Ledger.
You will also be required to check the day’s takings, in cash, cheque, and EFTPOS, and then depositing the cash and cheques at the selected deposit facility. You will be expected to discuss the safety and security implications of deposit facility selection with your assessor at the meeting, too.
The assessor will advise you of the due date of this submission.
Write in the due date below as advised by your assessor:
All questions must be answered correctly in order for a student to be assessed as having completed the task satisfactorily.
Carefully read the following:
Andrew has been buying and selling timber slabs for some years, and has recently started repairing furniture. The business transactions are still recorded in a cash receipts book, and then transferred to an Excel Workbook, but Andrew intends to move to an electronic accountancy system in the future. It is the first of May and, as Andrew’s bookkeeper, you are to balance the Petty Cash box for the previous month and prepare for its reimbursement. The Petty Cash box and log were started a month ago, so that Andrew can have better oversight of what is being spent by the office staff. It is also your job to collect and batch the previous day’s cash, cheques, and EFTPOS receipts, balancing that against the previous day’s transactions. You will then participate in a meeting with your assessor, who will be roleplaying Andrew. His approval is needed for the month’s Petty Cash vouchers and for the Journal before it can be posted to Ledger, as set out in Andrew’s Slabs Financial Policy and Procedures
You will then roleplay the visit to the bank to reconcile the petty cash box and to deposit the previous day’s cheques and cash takings.
|Date||Voucher Number||Particulars||Total Paid||Who paid|
|Apr 1||1001||Taxi Fare||27.50||David|
|8||1003||Coffee and sugar for staff room||28.60||Angela|
|12||1004||Fruit for staff room||12.30||Angela|
|18||1005||Carton of paper for photocopier||19.80||Angela|
|25||1007||New kettle for staff room||26.40||Andrew|
|29||1009||Fruit for staff room||13.20||Angela|
Petty Cash Log
Complete the following activities:
Check the petty cash log against the Petty Cash Vouchers and Petty Cash Receipts source documents, then transfer the transactions to the Petty Cash Book Worksheet in Andrew’s Workbook Template. Include the reimbursement, which is due to happen later that day.
Make the General Journal entries for the Petty Cash fund.
Batch and total the cash, leaving a $300.00 float for the cash register.
Send your assessor an email requesting a meeting to look at, and authorise, the Petty Cash vouchers for the last month and the Journals.
The text of the email should include:
The table you have filled out for activity 2 above.
The covering email should be written polite and technically correct English. Terminology should be used accurately, but appropriately.
Attach your Andrew’s Workbook to the email.
During the meeting, you will be required to demonstrate effective communication skills as follows:
Before attending the meeting, research the safety and security measures that may be appropriate for a business the size of Andrew’s Slabs. Ensure that you have recommendations on:
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