Question 17.
The following transactions took place during the week ended 28th May, 2018. How will you record them in the Petty Cash Book which was maintained with a weekly ‘float&’ of ₹ 3,000?
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The Petty cash book is shown below:
Explanation:
- Petty cash is the kind of cash fund which is in a small amount of money that is available for paying the small expenses without making a check of those expenses.
- The expenses would be posted in the expense account of general ledger of the company when the petty cash which is replenished.
- The cash book records the small expenses and its example are cartage, travelling expense, postage, bus fare and stationery.
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