Petty cash fund had opening balance of RO 400. During the month the receipts were RO RO 65 staff welfare, 195 petrol, 75 office stationery, and 55 travelling and there was RO 20 left in the petty cash box. The fund amount was raised to RO 500 from the end of the month. The amount required to refill the fund will be a. RO 500 b. RO 480 c. RO 490 d. RO 485

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A: Correct Answer is D :- 19

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Q: petty cash fund

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A: a.

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.