is balance of petty cash book an asset or income?
Dear Student,
Petty cash Book is just like a cash book , its just that this book maintains petty cash expenses separately as against the normal cash book .
Therefore, balance of petty cash book is an asset & an not income. Its used for paying out petty expenses.
Regards,
Petty cash Book is just like a cash book , its just that this book maintains petty cash expenses separately as against the normal cash book .
Therefore, balance of petty cash book is an asset & an not income. Its used for paying out petty expenses.
Regards,