Question: How Many Types Of Petty Cash Book Are There?

How many types of cash book are there?

The cash book is recorded in chronological order, and the balance is updated and verified on a continuous basis.

There are three common types of cash books: single column, double column, and triple column..

How many columns are there in petty cash book?

A petty cash book is generally maintained on a columnar basis – a separate column being allotted for each type of expenditure. The is only one money column on the debit side and all sum received from time to time by the petty cashier from the chief cashier are entered in it.

What are the types of imprest?

Imprest is of two classes, namely: Standing Imprest, held throughout the financial year and replenished as and when necessary by the presentation of receipt and petty cash vouchers; and.

Is Cash book a real account?

A cash book is a subsidiary book whereas a cash account is a ledger account. … Cash accounts have a journal folio which stands for the page number from where the transaction was posted. Cash books come in three types – single column, double column, and triple column while cash accounts are in a single format.

What are the two types of petty cash book?

Petty cash book is of two types: Columnar petty cash book, and. Imprest petty cash book.

Is petty cash an asset?

Yes, petty cash is a current asset. A current asset is any asset that will provide an economic benefit within one year. Petty cash refers to spending cash that a company has readily available.

What is a petty cash book?

A petty cash book is created to facilitate small payments in a business or organization. It caters for items such as postage and stamps, bus fare and stationery. It is meant to meet the day-to-day expenses and is entrusted in the hands of a petty cashier.

What is cash book format?

In this Cash Book three amount columns are maintained on both the debit and credit sides—the first column is for discount, the second for cash and the third for bank. Single Column Cash Book: This format of Cash Book is useful when either there is no bank transaction or bank transactions do not occur frequently.

Who keeps a petty cash book?

petty cashierThe person responsible for spending petty cash and recording it in a petty cash book is known as petty cashier.

What is the difference between imprest and petty cash?

An imprest system of petty cash means that the general ledger account Petty Cash will remain dormant at a constant amount. … In other words, the general ledger account Petty Cash is not involved in the replenishment. (Replenishment means getting the total of the currency and coins back to the imprest amount.)

What is petty cash example?

The small amount of cash that a company considers petty will vary, with many companies keeping between $50 and $200 as a petty cash fund. Examples of transactions that a petty cash fund is used for include: Office supplies. Cards for customers.

How does a petty cash book look like?

In most cases, the petty cash book is an actual ledger book, rather than a computer record. … A somewhat more useful format is to record all debits and credits in a single column, with a running cash balance in the column furthest to the right, as shown in the following example.