Question

Which expenses entry in petty cash book

Answer 1

The petty cash book is a formal summarization of petty cash expenditures, sorted by date. In most cases, the petty cash book is an actual ledger book, rather than a computer record. Thus, the book is part of a manual record-keeping system. There are two primary types of entries in the petty cash book, which are a debit to record cash received by the petty cash clerk (usually in a single block of cash at infrequent intervals), and a large number of credits to reflect cash withdrawals from the petty cash fund. These credits can be for such transactions as payments for meals, flowers, office supplies, stamps, and so forth.

A somewhat more useful format is to record all debits and credits in a single column, with a running cash balance in the column furthest to the right, as shown in the following example. This format is an excellent way to monitor the current amount of petty cash remaining on hand.

Sample Petty Cash Book (Running Balance)

DatePurchase/ReceiptAmountBalance4/01/xxOpening balance$250.00$250.004/05/xxKitchen supplies-52.80197.204/08/xxBirthday cake-24.15173.054/11/xxPizza lunch-81.6291.434/14/xxTaxi fare-25.0066.434/23/xxKitchen supplies-42.00 24.43

Yet another variation on the petty cash book is to maintain it as a spreadsheet, where each item is recorded in a specific column that is designated for a particular type of receipt or expense. This format makes it easier to record petty cash activity in the general ledger.

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