What Is Similarity Between Cashbook And Petty Cashbook?

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Ellie Hoe answered
Cash book takes into account the cash payments and cash receipts. It simply includes debit column, credit column, reference number and date of that particular transaction. It gives a quick overview of how much cash has been achieved and how much have been paid in column format. It is usually embedded in money management or finance related softwares. The format of petty cashbook is quite similar to a normal Cashbook but the difference lies in recording items. In petty cashbook, usually the personal or smaller expenditures such as milk, tea, stationery, telephone expenditures are disclosed. There is a separate expenditure known as petty expense which is allocated for these small expenses. Usually people keep petty cash tin to hold the money for these expenses and record the entries in the petty cash register when they incur the expenses.

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