Petty Cash

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2 Fixed system of petty cash Unlike the open system, here, the petty cashier is given a fixed amount of money for a fixed amount of period Once the period is

paticash A small amount of cash is used to pay for minor expenses and must be refilled The custodian collects all the receipts and slips given to different organization

paticash Petty cash is a small amount of discretionary funds in the form of cash used for minor expenditures The most common way of accounting for petty cash