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Journal & Ledger for Petty Cash Book

The Chief Cas...

Question

The Chief Cashier advances a sum of money to the Petty Cashier to enable him to meet petty expenses for a fixed period. Which of the following is correct?

A

Debit cash account

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B

Credit cash account

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C

Either A or B

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D

None of the above

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Solution

The correct option is B
Credit cash account

The journal entry for recording is

Petty Cash A/c Dr

To Cash A/c

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Q. Imprest system of Petty Cash book is system in which head cashier first estimates the total petty expenses of a particular period say month or fortnight and estimated amount is given to petty cashier in advance to meet petty expenses of particular period.

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