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What is imprest system of petty cash in accounting??

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Jun 19 at 11:14:18
Ashiq
Ashiq
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Petty Cash

Small amount of currency and coins that a company uses to pay small amounts in cash.

An imprest system of petty cash:

The general ledger account Petty Cash will remain dormant at a constant amount. If the amount of petty cash is Rs.5000, then the Petty Cash account will always report a debit balance of as same. This Rs. 5000/- is the imprest balance.

If expenses out of this amount than always withdrawal cash from company to maintain this limit.
Jun 19 at 11:29:49
Adnan
Adnan
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