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Lesson Plan. 31.01.2023

The document summarizes a lesson on petty cash books given by Mr. Sanjay Dominique to his class 401/402/403/404. The 45-minute lesson reviewed the importance and accounting process of petty cash books, including receiving an imprest amount, recording payments, totaling columns, and balancing the book. Students learned the format of petty cash books and worked through an example problem from their textbook. The purpose of petty cash books is to organize smaller cash transactions and limit entries in the main cash book.

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227 views4 pages

Lesson Plan. 31.01.2023

The document summarizes a lesson on petty cash books given by Mr. Sanjay Dominique to his class 401/402/403/404. The 45-minute lesson reviewed the importance and accounting process of petty cash books, including receiving an imprest amount, recording payments, totaling columns, and balancing the book. Students learned the format of petty cash books and worked through an example problem from their textbook. The purpose of petty cash books is to organize smaller cash transactions and limit entries in the main cash book.

Uploaded by

SanjayDominique
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Teacher: Mr.

Sanjay Dominique Class: 401/402/403/404


Subject: Principles of Accounts Date: January 31, 2023
Lesson Topic: Petty Cash Book Duration: 45 Minutes
Number of Students: 3
Objectives: By the end of this lesson, students will be able to:
✓ Review the importance of having a Petty Cash Book
✓ Understand the accounting steps in recording petty cash transactions.
✓ Understand and use the format of the Petty Cash Book.
✓ Understand the benefits of using a Petty Cash Book.
Class Materials: ✓ Oxford Principles of Accounts for CSEC
✓ Principles of Accounts (F. Thompson-Hosein)
✓ Scientific Calculator
✓ Plain and Colored Chalk
✓ Drawings and Illustrations

Introduction: Students will be asked to provide the class a recap on the benefits of
recording a petty cash book, what is used to enter petty cash transactions
and why there is a need for the petty cashier to restore an impress at the
end of a financial period. The student who gives the correct answers will
be awarded merits. This exercise will serve as a reminder of the
objectives covered last and continuation on what is to be covered for this
class.
Class ➢ Imprest: A sum of money which is set aside for petty cash
Development/ transactions
Content: ➢ Student are to be aware that recording the Imprest is the first stage
in recording petty cash transactions. It allows the company to start
making daily, weekly or monthly payments . It is done by re-
imbursing or providing cash from the business’ bank or cash
account to the Petty Cash account.

Steps in Recording Petty Cash Entries

Step 1: Receiving the Float/Impress: Cash is received in Petty Cash.


Debit Petty Cash
Credit Cash/Bank

Step 2: Recording Petty Cash Payments: Petty cash payments are


made. The expenses are being received and petty cash goes out.
Debit Expenses
Credit Petty Cash

Step 3: Totaling and posting the analysis columns: Analysis columns


are totaled and posted to the ledgers – usually expense accounts but
could also contain accounts for reimbursements for the Petty Cash Book.

Step 4: Balancing the Petty Cash Book: The Petty Cash account is
balanced, and the balance is brought forward to start the next period. It is
also where the difference of what is left over is added to the imprest
restored.

RECEIVE
IMPRESS

BALANCE RECORD
OFF PAYMENTS

TOTALING
AND
POSTING
Format of the Petty Cash Book

➢ Debit/Receipt Column
➢ Credit/Payment Column
➢ Date
➢ Details
➢ Folio
➢ Totals Column
➢ Expenses Columns

➢ Students are expected to review worked example on page


93-94 (F. Hosein) to see how transactions are recorded in
the Petty Cash Account.

➢ The benefits of using the Petty Cash System is that it


reduces the amount of entries in the Cash Book and it
trains young and inexperienced staff to develop accounting
experience and responsibility.

Conclusion: The Petty Cash Book is used to record smaller cash transactions
coming in and going out of a business. Monies are set aside from a
business’ bank or cash account for petty cash (Imprest), payments
and reimbursements are recorded, totals and entered and the Petty
Cash book is balanced to the next business period. It is useful to keep
businesses organized, limits the entries made in the Cash Book and
helps train young professionals.

Evaluation: Students are to be given a short homework assignment for


practice. Homework will be reviewed in the next class.
Principles of Accounts (F. Hosein)
Page 95. Question 10.8
ANSWER SHEET
DR. CR.
A. AKIRA
PETTY CASH BOOK
Vchr. Statione Postag
Amount Date Details Total Travelling Sundries F Ledger
No. ry e
$ 2022 $ $ $ $ $ $
March
100.00 Imprest
1
5 Stamps 12.00 12.00
Milk and
6 5.40 5.40
Coffee
10 Donation 5.00 5.00
12 Envelopes 14.30 14.30
16 Juice 10.20 10.20
17 Stamps 9.50 9.50
22 Taxi Fare 5.00 5.00
27 De Four 8.75 8.75
30 Taxi Fare 5.00 5.00
75.15 $14.30 $21.50 $10.00 $20.60 $8.75
Balance
31 24.85
C/D
$100.00 $100.00
Balance
24.85 April 1
B/D
Restored
75.15
Imprest

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