Question

1
If opening petty cash balance is RS 250.
petty cash received is 1750 and closing
petty cash balance is 420; how much
is petty expenses paid ?

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Answer 1

GIVEN :  Petty cash balance = 250 ; Petty cash recieved = 1,750 ; Closing petty cash balance = 420

TO FIND : Petty Expenses

SOLUTION :

Closing Petty Cash Balance = Opening Petty Cash Balance - Petty Expenses Paid + Petty Cash Recieved

As we do not know how much petty expenses have been made so we will assume it as x.

420 = 250 + 1,750 - x

420 =  2,000 - x

420 + x = 2,000

x = 2,000 - 420

x = 1,580.

So,  petty expenses paid is 1,580.

Petty Expenses Paid is 1,580.