Hi
can somebody tell me the difference between cash and petty cash
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difference between cash & petty cash
Replies (4)
Cash means main cash balance of an entity and petty cash means cash given to petty cashier for daily petty expenses like tea, coffee, photostate, etc.
The main cash is maintained in a seperate book called "CASH BOOK", & all the petty expenses incurred by the entity will be maintained in "PETTY CASH BOOK"..
Can anyone pls tell me the limit of petty cash exp per day
There is no limit. But as per tax law. Amount paid to single person in a day exceeding Rs.20k is disallowed and taxed.
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