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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)
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)
- Explain the imprest system petty cash
- How are the journal entries and legal entries recorded for contingent liabilities?
- How journal entries are made or how to prepare journal entries?
- What are Petty cash books?
- What are reversing entries and their journal entries?\n
- What are contra entries and how are they recorded?
- How are entries recorded in adjusted trial balance?
- Write the journal entries for the completed contract method
- How transactions are entered in a petty cash book?
- Write the journal entries for the percentage of completion method
- How are contra entries done in the cash books?
- Write the accounting entries for cash flow hedge
- How to prepare columnar petty cash book?
- What are the stages in operating a petty cash fund and its advantages?
- Explain columnar petty cash books and give its format