Question

ou are the petty cash officer in a small business. You are conducting a reconciliation of petty cash. The petty cash fund has a $300.00 float.

In the cash tin there is one x $100, one x $50, two x $20, three x $10, five x $5, eight x $2, 10 x $1, three x .50, 18 x .20, seven x .10, and five x .05.

There are the following receipts (allocated to the miscellaneous account from the Chart of Accounts):

TAX INVOICE	17/1/XX		TAX INVOICE	25/1/XX
The corner store	ABN 88 99 000 222		The corner store	ABN 88 99 000 222
cnr Main and Side Street			cnr main san side street
Adelaide			Adelaide
ph 8123 4567			ph 8123 4567
*Daily news	1.50		*Daily news	7.50
Milk	2.50		Milk	2.50
Milk	2.50		Milk	2.50
*Chocolate biscuits	1.98		*Chocolate biscuits	1.97
Subtotal	8.48		Subtotal	14.47
Rounding	0.02		Rounding	-0.03
Total	8.50		Total	14.45
Cash	9.00		Cash	20.00
Change	0.50		Change	5.55
*Taxable items			*Taxable items
TOTAL GST	0.32		TOTAL GST	0.86

Complete the reconciliation.

Denomination	Quantity	total
100
50
20
10
5
2
1
0.50
0.20
0.10
0.5
	total

Receipts:

date	supplier	Account	Cost less gst	gst	total
		total

RECONCILIATION

CASH HELD
RECEIPTS
TOTAL

Answer 1

Denomination	Quantity	total
100	1	100
50	1	50
20	2	40
10	3	30
5	5	25
2	8	16
1	10	10
0.50	3	1.50
0.20	18	3.6
0.10	7	0.7
0.5	5	2.5
	total	$279.3

Receipts:

date	supplier	Account	Cost less gst	gst	total
17/1/XX	The corner store	Sales revenue	$8.18	0.32	8.50
25/1/XX	The corner store	Sales revenue	$13.59	0.86	14.45
		total	$21.77	$1.18	$22.95

RECONCILIATION

CASH HELD	$279.3
RECEIPTS	$22.95
TOTAL	$302.25