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Question
The closing balance of the petty cash book is_______.
The closing balance of the petty cash book is_______.
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Solution
The correct option is B Assets
The closing balance of petty cash book is considered as Asset. Petty Cash is a current asset account; it is part of a company's cash.
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.
The closing balance of petty cash book is considered as Asset.
Petty Cash is a current asset account; it is part of a company's cash.
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.
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