What is petty cash book Class 11?
What is petty cash book Class 11?
The cash book that records payments of small expenses of small denomination such as postage, stationery, conveyance, etc. This cash book is maintained by a cashier called Petty Cashier and is known as Petty Cash Book.
What is petty cash book items?
A petty cash book is maintained to record small expenses such as postage, stationery, and telegrams. A separate column is used for each type of expenditure. The difference between the sum of the debit items and the sum of the credit items represents the balance of the petty cash in hand.
What is PCV in accounting?
A permanent capital vehicle (PCV) is an investment entity created for managing permanent capital, or capital available for an unlimited time horizon. An endowment, for instance, would typically have an unlimited time horizon.
What is the definition of cash book?
A cash book is a financial journal that contains all cash receipts and disbursements, including bank deposits and withdrawals. Entries in the cash book are then posted into the general ledger.
What is petty cash book BYJU’s?
Petty cash book is a book used in accounting for recording small and repetitive transactions that are of little value. It records small transactions such as postage, telegram, stationery etc. Also read. Cash Book.
What is petty cash book Class 11 questions and answers?
Answer: Petty Cash Book is used for recording payments of small expenses, which are of smaller denominations such as postage, stationery, conveyance, refreshment, etc.
Why is petty cash book important?
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.
Is net working capital a current asset?
No, net working capital is not a current asset. A current asset is any asset that will provide an economic value for or within one year. Net working capital refers to the difference between a company’s total current assets minus its total current liabilities.