doubt in accounts
This query is : Resolved
17 September 2009
It is an Asset. Petty cash book is a part of main cash book which mainly deals with petty expenses. Therefore, balance amount
left in petty cash book is an asset for the enterprise. It is nothing but balance in cash account.
left in petty cash book is an asset for the enterprise. It is nothing but balance in cash account.
Manmohan ACA, CS
(Expert)
17 September 2009
How can you say that unused cash is our income, perrt cash is surely is an assets.
If unused cash would be our income, the bank not grant any loan and shpw huge profit(if unused cash will be termed as income).
If unused cash would be our income, the bank not grant any loan and shpw huge profit(if unused cash will be termed as income).
Taranjit Singh
(Expert)
17 September 2009
Petty cash is the amount of money you have on hand. Most companies have a box containing small amounts of cash for small purchases like stamps, cream for coffee, and courier charges. The amount of money physically in the box should equal the balance of the petty cash account on the balance sheet.
So treated in current Assets.
So treated in current Assets.
17 September 2009
asset
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