Petty cash book questions and answers
Petty Cash Book | Accountancy KnowledgeThe set of questions here ensures that you offer a perfect answer posed to you. So get preparation for your new job hunting. 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.
Recording of Transactions – II – Petty Cash Book Solutions
Good Reply. The imprest system of petty cash is used by most of the companies because queztions the following advantages:. What is the nature of the balance in the Petty Cash Book. What Are Vouchers.Communication Skills. Sign up. A cheque deposited for which the bank will not transfer any money can be known as:. Count the cash remaining in the petty cash fund and subtract it from the stated balance for the fund.
Question 7. Besides maintaining a main or general cash bookmany companies also maintain a small cash book known as petty cash book to record small day to day expenditures of the business. Obok Care Skills. The review can be treated as an audit, which means not warning the petty cash custodian of the arrival of the reviewer.
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Not to have too much cash held on the business premises. How woud enter a cash book with debit,credit and balance colomn. How to design your resume. Single column cash book.
What Is Petty Cash System. Under this system, the chief cashier periodically checks the record of petty cash. Petty cash is a small amount of cash on hand that is used for paying small amounts of owed instead of giving a cheque. Paid Wages 1, 3.
Sales Insurance Capital Machinery Which of the following should not be deducted from gross income at source? National insurance contributions Pension contributions Income tax Value added tax Which of the following is not an advantage of introducing computerised accounting systems? With VAT set at Which of the following would transactions would not be entered in the journal? Return of fixed asset by the firm to the firm originally purchased from. Transfer of a debt from one creditor to another.
Answer : Add up the total expenditure wnd on each petty cash voucher in the petty cash fund the information can also come from the petty cash book. Purchased postal stamps. How to design your resume. Besides maintaining a main or general cash bookmany companies also maintain a small cash book known as petty cash book to record small day to day expenditures of the business.
There may be a single one for the entire company, or perhaps one per building or department. Deposited into Bank 2, thank you Reply. It is good, 4. Paid Wages in Cash.