ACCT 1A Lecture Notes - Lecture 18: List Of The Shield Episodes, Petty Cash
Document Summary
Petty cash book, purchase book, purchase return book, sales book, sales return. Petty cash book is maintained by the business to record petty cash expenses of the business such as postage, cartage, stationary, cleaning charges etc these are usually termed as petty cash payments. A proper re cord for such payments is necessary because in a big business the number of petty payments is large. It is usually not possible (impracticable) to issue a cheque in payment of any of them. Person receiving payment may be an employee of the business. A petty cashier is appointed by the business to make payments of all such petty expenses. He works under the supervision of the chief cashier, who advances money in the beginning of every month/ quarter to meet petty cash expenses. At the end of the month /quarter the petty cashier submits a statement of account of the expenses incurred by him during the month/quarter and gets a fresh advance.
