-
Introduction to Booking Keeping and Accounting | Week 111 Topics1 Quiz
-
Introduction to Books of Account | Week 26 Topics1 Quiz
-
Subsidiary Books of Account I | Week 34 Topics1 Quiz
-
Subsidiary Books of Account II | Week 44 Topics1 Quiz
-
Principles of Double Entry Book Keeping | Week 51 Topic1 Quiz
-
Cash Book | Week 66 Topics1 Quiz
-
Petty Cash Book | Week 71 Topic1 Quiz
The petty cash book is the book of original or prime entry which is used for recording small disbursements or expenses.
The reason behind the system is to reduce the numerous cash payment for small expenses. The source documents used in the petty cash book are invoices, receipts, and vouchers.
Imprest System:
This is a system for recording petty cash transactions, which are paid out of a cash float. In this system, a specified sum is given to the petty cashier at the start of the accounting period. This specified sum is called “Cash Float”. At frequent intervals, the petty cashier will reimburse for the amount spent, thus bringing it to the original amount.
Advantages of Petty Cash Book:
You are viewing an excerpt of this Topic. Subscribe Now to get Full Access to ALL this Subject's Topics and Quizzes for this Term!
Click on the button "Subscribe Now" below for Full Access!
Subscribe Now
Note: If you have Already Subscribed and you are seeing this message, it means you are logged out. Please Log In using the Login Button Below to Carry on Studying!
