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Impres account,expense payable

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Querist : Anonymous

Querist : Anonymous (Querist)

26 June 2013 please tell me what is imprest account nad its journal entry.
what is the purpose for making expense payabl entry and its benefit.please explain it with example.

Rupesh Jain

Rupesh Jain (Expert)
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26 June 2013 imprest a/c is personal a.c in which some money given to some one

and after receiving bills we debit th exp head and credit the imprest a/c from who's bill receive

Rupesh Jain

Rupesh Jain (Expert)
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26 June 2013 expenses payable is made for accural accounting method
like march bill recd in april then
we make
exp a/c dr.
to expense payable a/c cr.

with exp amount

for exm. 500 bill of telephone out of which rs. 400/- for march and 100 for april

then we make entry in 31.3.2013
telephone exp. a/c dr 400
to telephone exp payable 400

when mae payabele

then

exp payable 400
telephoine exp. 100
to bank a/c

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