If a petty cash fund is established in the amount of $£ 250$, and contains $£ 150$ in cash and $£ 95$ in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts

Question

Quizplus · Accepted Answer

The petty cash fund needs to be replenished to its original amount of £250. Since there is £150 in cash and £95 in receipts, £100 is needed to replenish the fund. Therefore, the credit should be to Cash for £100.

If a Petty Cash Fund Is Established in the Amount £250£ 250£250

If a Petty Cash Fund Is Established in the Amount $£ 250$