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The journal entry for establishing petty cash fund will be- Debit Petty cash fund account ($430), credit cash account ($430).
A petty cash fund is a nominal amount of company money that is frequently kept on hand (for example, in a secured drawer or box) to cover unimportant or trivial expenses like office equipment or worker reimbursements.
Periodic reconciliations of a petty cash fund are performed, and transactions are also noted just on financial statements. Each department may possess its own petty cash fund in bigger companies. Petty cash funds can be used to get around some internal control systems. Petty cash is available, but that doesn't imply everybody can utilize it for everything they require. Strict control activities are used by many companies to manage the fund.
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