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How journal entries for the imprest petty cash system are recorded?
The journal entries for imprest petty cash system are recorded as follows −
Fund establishment − (Imprest petty cash fund = 150)
| Account | Debit | Credit |
|---|---|---|
| Petty cash |
150 |
|
| Cash |
|
150 |
| Total |
150 |
150 |
Payments− (Postage payment = 35, stationery payment = 50)
| Account | Start | End |
|---|---|---|
| Cash held |
150 |
65 |
| Postage payment |
|
35 |
| Stationery payment |
|
50 |
| Total |
150 |
150 |
Fund replenished − (Postage payment = 35, stationery payment = 50)
| Account | Debit | Credit |
|---|---|---|
| cash |
|
85 |
| Postage payment |
35 |
|
| Stationery payment |
50 |
|
| Total |
85 |
85 |
Errors − (Postage payment = 25, stationery payment = 50, error = 10)
| Account | Debit | Credit |
|---|---|---|
| cash |
|
85 |
| Postage payment |
25 |
|
| Stationery payment |
50 |
|
| Sundry expenses |
10 |
|
| Total |
85 |
85 |
Increase in petty cash − (Increased petty cash = 50)
| Account | Debit | Credit |
|---|---|---|
| Petty cash |
50 |
|
| Cash |
|
50 |
| Total |
50 |
50 |
Updated on: 2021-07-09T13:14:29+05:30
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