Petty Cash Book Assignment Help

Petty Cash Book Assignment Help
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Petty Cash Book is hugely helpful in recording expenses that happen to be small and hold little value. It stores the formal summary of petty cash expenditures and they are sorted according to date. Students who are studying accounting are requested to learn about Petty Cash Book and they are also asked to complete assignments.

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What is Meant by Petty Cash Book?

By Petty Cash Book is meant a remarkably small amount of cash which is kept at hand to make fast payments for various little expenses that happen in the business concern.

A Petty Cash Book is helpful in entering regular petty expenses, such as cost of postage, stationery, xerox copy, etc. This book is maintained by a distinct cashier who is known as a petty cashier.

The Systems of Petty Cash

The petty cash is handed over to the petty cashier on the ordinary system and at times, on the imprest system and they are mentioned below:

  • Ordinary system – Here, a huge amount of money is handed over to the petty cashier and when the entire amount is spent, then the cashier submits the petty expenditures’ details which are recorded in the cash book to the chief or head cashier for getting reviewed.
  • Imprest system – Under this system, a specific amount of money which is recognized as float is handed over to the petty cashier for meeting petty expenditures. It is given for a definite period which commonly turns out to be a week or a month. And, when the agreement period ends, then it becomes the job of the cashier to submit the expenditures’ details to the chief cashier.

Benefits of Petty Cash Book

The following points do highlight the significance of a petty cash book:

  • With Petty Cash Book, you can maintain records of every petty payment systematically.
  • Petty cash book turns it possible to make comparisons that happen between a couple of periods and it aids in having control over these kinds of petty expenses effectively.
  • With the help of petty cash book, you will get the info related to petty payments that are made on various heads quickly and easily.
  • Petty cash book aids in turning the cash transactions’ updated due to the division of labor.
  • It lessens the burden of a head cashier because he is not needed for handling petty transactions.
  • Petty cash book aids in making the chief cash book clean, informative, and clear comprising only the significant transactions.

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The Kinds of Cash Books

The three kinds of cash books are as follows:

  • Single column – This kind of cash book is pretty simple as it has huge similarities with the cash account. The single column cash books possess only a column on both sides. The debit side shows the all receipt whereas the credit side demonstrates the payment which is being made.
  • Double column – This cashbook possesses a couple of columns on both sides and it is found in three types like Discount and Bank column, Bank and Cash column, and Discount and Cash column.
  • Cas – The triple column is highly convenient for businessmen who make payment through check and get paid through check.

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