PETTY CASH BOOK
PETTY CASH BOOK
Petty
Cash Book is the book which is used for the purpose of recording expenses
involving small amounts. Besides petty expenses, receipts from main cash are
recorded. Petty Cash Book is maintained by Petty Cashier and acts as the Petty
Cash Account.
In a business a number of small payments, such as for conveyance, stationery,
cartage, etc., have to be made. If all these payments are recorded in the Cash
Book, it will become voluminous. Therefore, it is usual for firms to appoint a
person as 'Petty Cashier' and to entrust the task of making small payments. Recording of Petty Cash:- Petty cash
given to the Petty Cashier for small payments is recorded on the credit side of
the Cash Book as 'By Petty Cash Account' and is posted to the debit side of the
Petty Cash Account in the Ledger.
SYSTEM OF PETTY CASH:- Petty Cash
Book may be maintained by ordinary system or by imprest system. In case of
Ordinary System of Petty Cash, Petty Cashier is given appropriate amount of
cash and after spending the whole of that amount, he submits the account to the
Head Cashier.
Imprest System of Petty Cash :-
Under this system, an estimate is made of amount required for petty expenses
for a period (say for a week, a fortnight or a month). The amount so
ascertained is given to the Petty Cashier in the beginning of a period. The
amount paid by him during the period. Thus, he will again have the fixed amount
in the beginning of the new period reimbursed. This amount is called imprest
money. This system of paying advance in the beginning and reimbursing the
amount spent from time to time is called imprest system.
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