Petty Cash Book Assignment Answers
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Petty cash book – Understanding the concepts are a must!
In businesses which are spread over a large domain, often there are certain petty issues that tend to get neglected. Though the calculation in these cases are minimal, but when it comes to holding a major amount of profit, these petty amounts hold great importance.
Generally, these amounts are taken into point over a fixed time period, and in this case, no receipt is maintained. For the uninitiated, it is the details of this separate cash book that the petty cash book assignment answers deal with. From explaining the differences to noting down the basic points – each of the points are analytically explained.
Another very important point that our experts have noted is that – there is a petty cashier who records these details, while the chief cashier in business is associated with other calculations. Also, there are certain ‘under the table payments’ that has to be made while dealing with a business. Details of such transactions are maintained in this petty cash book.
What are the generic problems of students in this domain?
With such a differentiation and detailed analysis, you may think that there are no major issues to deal with. However, there are certain generic problems that our experts have discovered which most of the students face. Are you facing these problems? Take a look!
- Problem in maintaining a parity between the primary cash book and petty cash book.
- Lack of receipts make the whole system intangible to a certain extent.
- No mention in the primary book of any such minimal costs – can lead to mismatch of calculation in future.
Understanding these contexts and to ensure that students face no further issues, our experts have solved most of these queries in our manual as petty cash book homework answers. We are always at your beck and call!
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