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)

Payments− (Postage payment = 35, stationery payment = 50)

Fund replenished − (Postage payment = 35, stationery payment = 50)

Errors − (Postage payment = 25, stationery payment = 50, error = 10)

Increase in petty cash − (Increased petty cash = 50)

Nagasravan Tamma

Updated on: 09-Jul-2021

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