What do you understand by petty cash book? Write the advantages of pet

1.	What do you understand by petty cash book? Write the advantages of petty cash book.
Answer» The book maintained by the petty cashier to record small payments of repetitive nature (petty payments) ie stationery, postage, carriage, traveling, etc are made by him during a particular period is called the “petty cash book”. The petty cashier works under the supervision and control of the main cashier who advances a certain amount to the petty cashier in the beginning of a specific period. The petty cashier is permitted to make payments only below a particular limit. Advantages of maintaining petty cash book: 1. Saving of time and effort of chief cashier. He can concentrate on cash transactions involving large amounts of cash. 2. Effective control over cash disbursement. Cash control becomes easy because of division of work. 3. Convenient recording.

What do you understand by petty cash book? Write the advantages of petty cash book.

Answer»

The book maintained by the petty cashier to record small payments of repetitive nature (petty payments) ie stationery, postage, carriage, traveling, etc are made by him during a particular period is called the “petty cash book”.

The petty cashier works under the supervision and control of the main cashier who advances a certain amount to the petty cashier in the beginning of a specific period. The petty cashier is permitted to make payments only below a particular limit.

Advantages of maintaining petty cash book:

1. Saving of time and effort of chief cashier. He can concentrate on cash transactions involving large amounts of cash.

2. Effective control over cash disbursement. Cash control becomes easy because of division of work.

3. Convenient recording.

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