What is Petty Cash Book Homework Help in Accounts?
My Homework help with its team of Petty Cash Book Homework Help explains you petty cash book in details. Being a very vital part of accounts, petty cash book is needed where cheques are not allowed. It might look a small word but petty cash book is by far very important in the books of bank and accounts. Without a cash book, you cannot complete a banking procedure. When you enter the school of accounts for the first time, you might be given homework and assignments related to petty cash book. Don’t worry, deal with patience and knowledge.
What is petty cash book?
A very small amount in the funds of discretion, petty cash explains that form of cash or amount that is used during expenditures when it is not possible to make any transaction by the form of cheque because of the inconvenience caused as you use a cheque. Cheque needs lot of signing; correcting writing and then cashing it and this can be a problem often.
Using the imprest system is the most feasible way of accounting for petty cash in accounts. You will have to create a fund initially by using a cheque for the amount desired. For issuing of small amounts in imprest system in petty cash, you need to bring only a basic amount.
How to make petty cash accounts?
Petty cash book homework help explains the processes through videos and various notes and our teachers too mail you the queries that you ask them regarding petty cash accounts. As you make your expenditure, the funds’ custodian will make the employees receive a petty cash voucher with a receipt or invoice that will be attached in the form of return.
As the time goes by, all the cash that you have in hand, and also the vouchers that are made, must be equal to the original funds in petty cash account. Petty cash should be used in correct limits and procedures as the amount is checked at the final stages of encashing.
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