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Imprest account (Students)

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This query is : Resolved



( Author )
04 July 2008

wat is imprest account....for wat purpose is it opened...? pls give details...is it necessary to open it?


Jaspreet kaur

( Author )
04 July 2008

h


S.Srinivasaraghavan

( Expert )
04 July 2008

Imprest is an amount entrusted with a person with authority to incurr cretain expenditure regularly say for a business purpose and claim reimbursement thereof so that on each reimbursement the amount is restored to the original amount with which it was entrusted to the person.


CA Anand Sarda

( Expert )
05 July 2008

For Example:
X Ltd gave rs.10000 to the employee for petty expenses. the employee will create a petty cash account called as imprest account. he will debit the account as when he incurs expenditure.


Yatesh Prakash Renuke

( Expert )
05 July 2008

And if the imprest account is having debit balance then the amount is due from him & if the imprest account is having credit balance then amount is payable to him.


Jaspreet kaur

( Author )
05 July 2008

if a co has created imprest account in its books...then wat does it imply?


Rajesh Kumar Gupta

( Expert )
11 July 2008

Imprest accounts are those accounts in which opening balance of such accounts whether monthly or annually remains constant
to match the opening balances, the deficeincy in the closing balance is met by introducing fresh amount
Imprest a/cs are opened for cash, stock, bank etc
these are opened to put control on the uses of such assets


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