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Petty Cash vs. Cash on Hand

1.  What is maximum amount allowable in Petty Cash?  
2. What is maximum amount allowable for Cash ON Hand?
3. What is difference between Petty Cash and Cash on Hand?

asked Feb 17, 2015 in IFRS 9 - Financial Instruments by anonymous

1 Answer

0 votes
Without quoting any IFRS there's actually no difference!!!

Petty Cash -  Are funds that are held physically in the company meant to be used for small staff like office consumable and postage

Cash on Hand - Is the closing balance amount of petty cash.

The term "Cash on Hand" is used on the presentation of financial statements.

The maximum allowable amount depends on the company policies.
answered Feb 17, 2015 by Fusion01 Level 3 Member (5,690 points)