what is a pretty cash book ?State 2 advantages of petty cash book.
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Answer:
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The main advantages are:
Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash.
Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.
Savings of time and labour: As the petty expenses are recorded by petty cashier at any time so that the chances of misuse are minimised.
Control on petty expenses: While checking the total of such expenses, the head cashier can put objections on undesirable expenses, thus, expenses are controlled.
Facility in posting: Since only the total of various small expenses are recorded in cash book, hence, direct ledger posting becomes easy.
Saving of space: Only the total of all small expenses are recorded in cash book and also in ledger account , thus, lot of space is saved.
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Answer:
The main advantages are: Reduction in numbers of transactions: Many expenses of small nature recorded in petty cash book, the number of transactions is reduced in the cash. Reduction of errors: As head cashier check the accounts of previous month and gives advance for the coming month, does, errors if any are reduced.
Explanation: