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Petty cash

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(Querist)
09 October 2013 use of petty cash book plz clarify
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
09 October 2013 Every business makes large and small payments.
The large payments are recorded in the books of account whereas the small payments are recorded in the petty cash book.
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CA Pallav Singhania

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CA Pallav Singhania (Expert)
09 October 2013 In large business houses , the cashier has to handle every day a large number of receipts and payments and if in addition to this he is further saddled with petty cash payments, his position becomes embarrassing. Besides, it is most common to find with large commercial establishments that all receipts and payments are made through bank. Since expenses like postage, telegrams, traveling etc, cannot be made by means of cheques, the maintenance of a small cash balance to meet these petty payments becomes all the more necessary.
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