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Finding Cash Balance

What is an im...

Question

What is an imprest amount?

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Solution

An imprest amount is the amount that is provided to the petty cashier by the chief cashier at the starting of an accounting period. It remains constant as it is replenished after a period of time.

Also read:

Cash Book

Cash Flow Statement

Ledger in Accounting

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Q. Record the following transactions in a Petty Cash Book with suitable columns. The book is kept on imprest system, amount of imprest being ₹ 4,000.

2017
April 1	Petty cash in hand ₹ 540, Received cash to make-up the imprest.
	Paid for office cleaning ₹ 100.
April 4	Paid railway fare ₹ 320, bus fare ₹ 280, wages ₹ 150.
April 5	Bought shorthand note books for office ₹ 370.
April 7	Paid carriage on parcels ₹ 150, paid for wages ₹ 220.
April 10	Bought stamps for ₹ 300, envelopes for ₹ 450 and an accounts register for ₹ 400.
April 12	Paid for repairs ₹ 200, gave tips to office peon ₹ 150.
April 13	Gave charity ₹ 100, served tea to customers ₹ 250.
April 15	Paid for wages ₹ 160, rewards to servant ₹ 100.

Q. Enter the following transactions in a petty cash book in analytical form. The book is kept on imprest system, amount of imprest being ₹ 5,000.

2016
April 3	Petty Cash in hand ₹ 420. Received cash to make-up the imprest.
	Bought stamps for ₹ 300.
April 5	Paid for office cleaning ₹ 200 and repairs to furniture ₹ 250.
April 7	Paid bus fare ₹ 440, railway fare ₹ 330, wages ₹ 200.
April 8	Paid for charity ₹ 350
April 9	Bought shorthand note book for office ₹ 250, Carriage on parcels ₹ 280.
April 10	Bought envelopes ₹ 450, served refreshment to customers ₹ 150.
April 12	Paid for conveyance ₹ 300. Wages ₹ 200. Stapler pins ₹ 280.
April 15	Gave tips to office peon ₹ 250.

Q. Sri R maintains a Columnar Petty Cash Book on the Imprest System. The imprest amount is ₹ 5,000. From the following information, show how his Petty Cash Book would appear for the week ended 12th September, 2017:

2016		₹
Sept. 7	Balance in Hand	1,349
	Received cash reimbursement to make up the imprest
	Postage	123
	Stationery	321
	Entertainment	54
Sept. 8	Travelling and conveyance	126
	Miscellaneous expenses	11
	Entertainment	72
Sept. 9	Repairs	1,567
Sept. 10	Postage	174
	Entertainment	127
	Travelling	673
Sept. 11	Stationery	41
	Entertainment	12
Sept 12	Miscellaneous expenses	201
	Travelling	51
	Postage	483
	Repairs	30

Q. Sri R maintains a Columnar Petty Cash Book on the Imprest System. The imprest amount is ₹ 5,000. From the following information, show how his Petty Cash Book would appear for the week ended 12th September, 2018:

2018		₹
Sept. 7	Balance in Hand	1,349
	Received cash reimbursement to make up the imprest
	Postage	123
	Stationery	321
	Entertainment	54
Sept. 8	Travelling and conveyance	126
	Miscellaneous expenses	11
	Entertainment	72
Sept. 9	Repairs	1,567
Sept. 10	Postage	174
	Entertainment	127
	Travelling	673
Sept. 11	Stationery	41
	Entertainment	12
Sept. 12	Miscellaneous expenses	201
	Travelling	51
	Postage	483
	Repairs	30

What do you understand by imprest amount in petty cash book?

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