Reference no: EM132656924
Question 1: Prepare journal entries for Bismillah Traders for the establishment, replenishment, and changing the size of the fund.
Bismillah Traders has decided to maintain a petty cash fund of Tk.5,000 to take care of its day-to-day cash transactions. Accordingly, Bismillah established the petty cash fund on June 1, 2020. On June 15, the balance in the petty cash fund came down to Tk.871.70. The cashier of the company reimbursed the fund for expenditure made during the period, which included the following.
Conveyance Tk.800.00
Postage and stamps 450.00
Office supplies 1,500.00
Tools and repairs 1,379.70
On July, 01, the firm decided that the Tk.5,000 balance in the petty cash fund was a bit too little and decided to raise the fund by Tk.1,000. The expenditure from the petty cash fund between June 15 and July 1 were as follows
Photocopy and stationeries
Tk.560.50
Entertainment 750.00
Office repairs 2,380.00
Conveyance 340
On July 1, the petty cash fund had a balance of Tk.977
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