Petty Cash vs. Cash on Hand

Question

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?

Answer 1

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.