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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: 09-Jul-2021
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