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3- Does petty cash book link to cash book, explain?
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Answer Posted / aqeel raza
Petty cash book is the part of cash book, it maintains to record small transactions such as conveyance, cartage, entertainment, postage, small repairs, etc.
Petty cash fund is issued by cash book debiting petty cash funds account. The petty cash fund decrease cash from cash book and increase cash in petty cash book. Petty cash expenses are paid through petty cash voucher and recorded into petty cash book in specific column and many other accounts which have no column is written in other account.
Having been paid expenses, the total of each account is journalized into ledge as petty cash expenses; head wise debt and petty cash fund credit. The ledger balance becomes equal to petty cash book balance and for the same way the fund issued and spends.
In other words, we can say the petty cash book is the sub book of cash book.
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