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Accounting: Cash Book: Meaning and Introduction of Petty Cash Book
To take care of Small and repetitive payments like postage, telegrams, courier, cartage and other such expenses every organization appoint an assistant to Head Cashier i.e.. Petty Cashier. He maintains separate book, Petty Cash Book, to record all such small transactions. Petty Cash Book reduces the burden of Head Cashier.
- Petty Cashier works on Imprest system. Under this, petty cashier will be given some amount of money for a particular period to meet all such small expenses.
- At the end of the period, petty cashier presents the account to the Head Cashier and get reimbursed.
- Petty cashier is authorized to sanction and disburse small payments.
Example: Mr. Sumit the Petty Cahier of M⟋s Travels India received Rs 2000 on April 1,2006 from the Head Cashier. Prepare Petty Cash Book on Imprest System from the petty payments during the month of April 2006 for the following items:
Date 2006 | Details | Amount (Rs) |
April 2 | Auto fare | 200 |
3 | Courier services | 50 |
4 | Postage stamps | 95 |
5 | Pencils⟋Pads | 65 |
6 | Speed Post Charges | 40 |
8 | Taxi fare (205 + 90) | 295 |
9 | Refreshments | 310 |
11 | Auto fare | 60 |
13 | Telegram | 64 |
16 | Computer stationery | 165 |
19 | Bus fare | 40 |
21 | STD Call Charges | 205 |
23 | Refreshment | 80 |
25 | Photostat Charges | 45 |
28 | Courier services | 40 |
30 | Bus fare | 40 |
Solution:
Petty Cash Book
Amount Received | Date | Particulars | Voucher No. | Amount Paid (₹) | Analysis of Payments | ||||
Postage | Tele phone | Conveyance | Stationary | Miscellaneous Exp. | |||||
2000 2000 206 1794 | 2006 Apr 01 02 03 04 05 06 08 09 11 13 16 19 21 23 25 28 30 30 May101 | Cash received Auto fare Courier Postage stamps Pencils⟋pads Speed post charges Taxi Fare Refreshments Auto Fare Telegram Computer stationary Bus fare STD call charges Refreshments Photostat Charges Courier services Bus fare Balance c⟋d Balance b⟋dCash received | 200 50 95 65 40 295 310 60 64 165 40 205 80 45 40 40 1794 206 2000 | 50 95 40 40 225 | 64 205 269 | 200 295 60 40 595 | 65 165 230 | 310 80 45 435 |