Answer Posted / chls

It is another cash book which is maintained, generally, in
large business concerns to reduce the burden of 'Main Cash
Book', in which numerous transactions involving petty
(small) amounts are recorded. For this purpose, a petty
cashier is appointed by the chief cashier. The chief
cashier advances a sum of money to the petty cashier to
enable him to meet petty expenses for a fixed period. The
petty cashier will record this amount on the debit side of
the petty cash book while the chief cashier will record the
same amount on the credit side of the main cash book.

The fundamental difference between the main cash book and
the petty cash book is that only petty expenses are
recorded in the petty cash book. No receipt (with the
exception of money received from the chief cashier),
however small it may be, is recorded in it. But in the main
cash book all receipts (big and small) and large expenses
are recorded. Thus we see that in large organizations both
the books are essential, although the importance of the
petty cash book is somewhat less than the main cash book.
Thus, the book in which small payments, which are not
convenient to record in the main cash book, (like postage,
travieling expenses, purchase of stationery etc.) are
recorded is called petty cash book.
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