Bank book and petty cash book - class-XI

A petty cash voucher is a document that is issued when a payment is made from a petty cash fund. A petty cash fund is created to disburse small amount of expenses that take place on a daily basis.

A petty cash voucher is a document that is issued when a payment is made from a petty cash fund. A petty cash fund is created to disburse small amount of expenses that take place on a daily basis. Petty cash vouchers should be serially numbered for the convenience of auditing and to help in having a easy check on the transactions. 

A petty cash voucher/cash voucher is a document that is issued when a payment is made from a petty cash fund. A petty cash fund is created to disburse small amount of expenses that take place on a daily basis.

A cash memo/ petty cash memo is a document that is used when money is being withdrawn from the petty cash fund. A petty cash fund is created to meet all the petty/small transactions that take place in the organisation on daily basis. A cashier can check the cash memo to reconcile all the transactions as they are the record to all the transactions of petty cash fund. 

True. Accounting voucher is a document that acts as a proof of a transaction. There is no set format of accounting voucher. There are different types of voucher internal or external, cash voucher, petty cash voucher, etc. 

A journal voucher is a very helpful document in auditing as it is a voucher that consists of all the details of transactions like the date of transactions, amount, etc. A journal voucher is prepared for every transaction. They are serially numbered for convenience purpose so that journal can be prepared.  

False. Voucher is a document that acts as an evidence that the payment is made or that a particular transaction has occurred. Vouchers are made for every transactions, they are serially numbered and help to check the authenticity of a particular transaction.

A Journal voucher is a voucher that consists of all the details of transactions like the date of transactions, amount, etc. A journal voucher is prepared for every transaction. It is the basis for making a journal. They are serially numbered for convenience purpose so that journal can be prepared.  A journal voucher keeps a record of all the transactions hence helps in the recording or transactions and making of journal.

Cash vouchers are of two types viz. debit voucher and credit voucher. A debit voucher is prepared when cash payments are received whereas a credit voucher is prepared when cash payments are made. They are the documentary evidence for payment of cash or for receiving cash. 

True. Voucher is a document that acts as an evidence that the payment is made or that a particular transaction has occurred. Vouchers are made for every transactions, they are serially numbered and help to check the authenticity of a particular transaction.

Cash vouchers are of two types viz. debit voucher and credit voucher. A debit voucher is prepared when cash payments are received whereas a credit voucher is prepared when cash payments are made. They are the documentary evidence for payment of cash or for receiving cash.

False. An internal voucher is prepared by the organisation itself. They can be prepared for the organisation itself or in cases where no documentary evidence is given by the other party. Example:- Counter foils of pay in slip. An external voucher is a voucher that is prepared by the third parties. Example:- A voucher sent by a shopkeeper to the buyer for purchase of goods is an external voucher. 

An external voucher is a voucher that is prepared by the third parties. They are like bills or just like any other voucher. Example:- A voucher sent by a shopkeeper to the buyer for purchase of goods is an external voucher. 

Any documentary evidence supporting the entries recorded in the books of accounts, establishing the arithmetic accuracy of the transaction, may also be referred to as a voucher for example, a bill, invoice, receipt, salary and wages sheet.

An analytical petty cash book uses multiple columns to categorize various types of small expenditures (like postage, stationery, or travel) for easier tracking and ledger posting.

The balance in a petty cash book represents the amount of cash currently held by the petty cashier that has not yet been spent.

When a petty cashier submits accounts, the expenses are recorded in the ledger. The entry should be Expenses A/c Dr. to Petty Cash A/c, not the reverse.

When a petty cash payment is made for wages, the expense account (Wages) is debited and the Petty Cash account is credited to reflect the reduction in cash.

Cash received by the petty cashier is recorded on debit side and all payments for petty expenses are recorded on credit side in one column.

In an analytical petty cash book, individual transactions are recorded daily, but the totals for each expense category are posted to the main ledger at the end of the accounting period.

Replenishment involves the main cashier giving cash to the petty cashier. The entry involves debiting the Petty Cash account (to increase it) and crediting the main Cash account.

Small, frequent payments are handled through the petty cash system to keep the main cash book uncluttered and to delegate minor financial responsibilities.

A three-column cash book typically contains columns for Cash, Bank, and Discount. Petty cash is managed in a separate, dedicated petty cash book.

Petty cash is a small amount of cash kept on hand for minor expenses. It is considered a current asset on the balance sheet because it is cash owned by the business.