If a Petty cashier is given a sum of #10,000 to meet the minor expenses for a particular month,and he ends up spending #7000 out of the sum given to him by month end.
a. What is the sum of #10,000 called?
b. What is the #7000 spent called?
c. How much will the petty cashier be given at the end of the month having spent #7,000 out of the #10,000?
d. What is the amount given to the petty cashier in question (c) called?
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Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fare, fuel, etc. These small expenditures are usually paid using coins and currency notes rather than checks. The person responsible for spending petty cash and recording it in a petty cash book is known as petty cashier.
Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fare, fuel, etc. These small expenditures are usually paid using coins and currency notes rather than checks. The person responsible for spending petty cash and recording it in a petty cash book is known as petty cashier. Under imprest system, a fixed amount of money known as float is given to the petty cashier to meet petty expenditures for an agreed period which usually consists of a week or month.
Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fare, fuel, etc. These small expenditures are usually paid using coins and currency notes rather than checks. The person responsible for spending petty cash and recording it in a petty cash book is known as petty cashier. Under imprest system, a fixed amount of money known as float is given to the petty cashier to meet petty expenditures for an agreed period which usually consists of a week or month. At the end of agreed period, the petty cashier submits the details of all expenditures incurred by him to the chief cashier.
Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fare, fuel, etc. These small expenditures are usually paid using coins and currency notes rather than checks. The person responsible for spending petty cash and recording it in a petty cash book is known as petty cashier. Under imprest system, a fixed amount of money known as float is given to the petty cashier to meet petty expenditures for an agreed period which usually consists of a week or month. At the end of agreed period, the petty cashier submits the details of all expenditures incurred by him to the chief cashier. The total cash spent by the petty cashier during the period is reimbursed to him and the total cash available to spend at the start of the next period becomes equal to the original sum. Hence, the petty cashier generally works on imprest system.
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