Imprest account of sole prop.

19 November 2021

Sir I want to know that how many cash amount debited to imprest account to his prop and how many time carry in hand under the imprest account.Thanks

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yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 19 November 2021

the company spends money from its pockets and claims it or else takes the money from counter and spends on miscellaneous expenses.

Eg. money drawn and spent on purchase of coffee

then, that amount will be subtracted from cash in hand.

If you paid for the coffee and later on claim it from the company

that is also subtracted from the cash in hand balance.

This is for impress account books. I will create a ledger called imprest accounts and debit and credit the amounts accordingly.

create imprest account on 1/1/2022

Imprest a/c 100

To bank a/c 100

Then drawn money for coffee or claimed money

By coffee expense/employee a/c

To Imprest a/c

yasaswi gomes (My grammar is 💯 good I) (7290 Points)
Replied 19 November 2021

*** I would prefer an imprest ledger over books without debits and credits,

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