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Question
The balance in the petty cash book is ______.
Options
An expense
A profit
An asset
A liability
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Solution
The balance in the petty cash book is an asset.
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RELATED QUESTIONS
Do you agree with the following statement:
Petty Cash Book is a book having a record of big payments.
Prepare analytical petty cash book from the following particulars under imprest system:
| 2017 July |
₹ | |
| 1 | Received advance form cashier | 2,000 |
| 7 | Paid for writing pads and registers | 100 |
| 8 | Purchased white papers | 50 |
| 10 | Paid auto charges | 200 |
| 15 | Paid wages | 300 |
| 18 | Postal charges | 100 |
| 21 | Purchased stationery | 450 |
| 23 | Tea expenses | 60 |
| 25 | Paid for speed post | 150 |
| 27 | Refreshment expenses | 250 |
| 31 | Paid for carriage | 150 |
Explain the meaning of the imprest system of petty cash book.
Correct the following sentences and rewrite the same:
The person who maintain Petty Cash Book is called Chief Cashier.
| Opening Petty Cash | Petty Cash Received | Petty Expenses Paid | Closing Petty Cash Balance | |||
| 400 | + | ? | - | 1,800 | = | 250 |
| Opening Petty Cash Balance | Petty Cash Received | Petty Expenses Paid | Closing Petty Cash Balance | |||
| ? | + | 1,800 | - | 2,250 | = | 150 |
From the following information prepare Columnar Petty Cash Book kept on imprest system in the books of Manisha Books Stall, Beed.
| 2018 April | Amt (₹) | |
| 01 | Opening petty cash balance | 200 |
| 02 | Received a bearer cheque to make up the imprest amount | 1,200 |
| 03 | Gave a tips to peon | 40 |
| 04 | Purchased stationery | 150 |
| 05 | Paid Taxi Fare | 35 |
| 06 | Purchased Stamp pad | 140 |
| 07 | Paid Cartage | 40 |
| 08 | Paid Bus Fare | 30 |
| 11 | Paid to sweeper | 50 |
| 13 | Purchased a Box of pencils | 40 |
| 14 | Paid Mobile charges | 35 |
| 15 | Gave to Sohan on account | 250 |
| 19 | Paid for Refreshment to staff | 150 |
| 20 | Paid Railway Fare | 30 |
| 21 | Paid Carriage | 65 |
From the following information prepare Columnar Petty Cash Book kept on imprest system in the books of Manisha Books Stall, Beed.
| 2018 April | Amount (₹) | |
| 01 | Opening petty cash balance | 200 |
| 02 | Received a bearer cheque to make up the imprest amount | 1,200 |
| 03 | Gave a tips to peon | 40 |
| 04 | Purchased stationery | 150 |
| 05 | Paid Taxi Fare | 35 |
| 06 | Purchased Stamp pad | 140 |
| 07 | Paid Cartage | 40 |
| 08 | Paid Bus Fare | 30 |
| 11 | Paid to sweeper | 50 |
| 13 | Purchased a Box of pencils | 40 |
| 14 | Paid Mobile charges | 35 |
| 15 | Gave to Sohan on account | 250 |
| 19 | Paid for Refreshment to staff | 150 |
| 20 | Paid Railway Fare | 30 |
| 21 | Paid Carriage | 65 |
From the following information prepare Columnar Petty Cash Book kept on imprest system in the books of Manisha Books Stall, Beed.
| 2018 April | Amt (₹) | |
| 01 | Opening petty cash balance | 200 |
| 02 | Received a bearer cheque to make up the imprest amount | 1,200 |
| 03 | Gave a tips to peon | 40 |
| 04 | Purchased stationery | 150 |
| 05 | Paid Taxi Fare | 35 |
| 06 | Purchased Stamp pad | 140 |
| 07 | Paid Cartage | 40 |
| 08 | Paid Bus Fare | 30 |
| 11 | Paid to sweeper | 50 |
| 13 | Purchased a Box of pencils | 40 |
| 14 | Paid Mobile charges | 35 |
| 15 | Gave to Sohan on account | 250 |
| 19 | Paid for Refreshment to staff | 150 |
| 20 | Paid Railway Fare | 30 |
| 21 | Paid Carriage | 65 |
From the following information, prepare a columnar petty cash book kept on the imprest system in the books of Manisha Books Stall, Beed.
| 2018 April | Amt. (₹) | |
| 01 | Opening petty cash balance | 200 |
| 02 | Received a bearer cheque to make up the imprest amount | 1,200 |
| 03 | Gave a tips to peon | 40 |
| 04 | Purchased stationery | 150 |
| 05 | Paid Taxi Fare | 35 |
| 06 | Purchased Stamp pad | 140 |
| 07 | Paid Cartage | 40 |
| 08 | Paid Bus Fare | 30 |
| 11 | Paid to sweeper | 50 |
| 13 | Purchased a Box of pencils | 40 |
| 14 | Paid Mobile charges | 35 |
| 15 | Gave to Sohan on account | 250 |
| 19 | Paid for Refreshment to staff | 150 |
| 20 | Paid Railway Fare | 30 |
| 21 | Paid Carriage | 65 |
