Imprest account

This query is : Resolved

Share Report Follow Query Ask a Query

Jaspreet kaur

Jaspreet kaur (Querist)
Follow

04 July 2008 wat is imprest account....for wat purpose is it opened...? pls give details...is it necessary to open it?

Jaspreet kaur

Jaspreet kaur (Querist)
Follow

04 July 2008 h

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)
Follow

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

CA Anand Sarda (Expert)
Follow

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

Yatesh Prakash Renuke (Expert)
Follow

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

Jaspreet kaur (Querist)
Follow

05 July 2008 if a co has created imprest account in its books...then wat does it imply?

Rajesh Kumar Gupta

Rajesh Kumar Gupta (Expert)
Follow

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

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now