3 similarities and 3 differences between petty cash book and cash book
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Answers
Short answer:
Similarities & Differences Between Cash Book And Petty Cash Book. ... Examples are cash deposited and withdrawn from banks, cheque / check issued for payments, etc while Petty Cash Book is used to record smaller amounts of cash transactions occurred on daily basis.
Brief answer:
The fundamental difference between the Main Cash Book and the Petty Cash Book is that only petty expenses are recorded in the Petty Cash Book. ... Thus, the book in which small payments, which are not convenient to record in the Main Cash Book, (like postage, traveling expenses, purchase of stationery etc.)
Similarities Between Cash Book And Petty Cash Book
* Both are used to record cash payments and cash receipts transactions.
* Both are having opening and closing balances
differences between petty cash book and cash book
Cash Book is both a Journal and Ledger that records only cash transactions occurred in a larger scale and in heavy amounts on daily basis. Examples are cash deposited and withdrawn from banks, cheque / check issued for payments, etc while Petty Cash Book is used to record smaller amounts of cash transactions occurred on daily basis. Examples are office expenses, travelling expenses, postage expenses, etc.
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Similarities Between Cash Book And Petty Cash Book
- Both are used to record cash payments and cash receipts transactions.
- Both are having opening and closing balances
differences between petty cash book and cash book
Cash Book is both a Journal and Ledger that records only cash transactions occurred in a larger scale and in heavy amounts on daily basis. Examples are cash deposited and withdrawn from banks, cheque / check issued for payments, etc while Petty Cash Book is used to record smaller amounts of cash transactions occurred on daily basis. Examples are office expenses, travelling expenses, postage expenses, etc.