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.
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.
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.
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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