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.
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.
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