Syntax error How journal entries for the imprest petty cash system are recorded?

How journal entries for the imprest petty cash system are recorded?

The journal entries for imprest petty cash system are recorded as follows −

Fund establishment − (Imprest petty cash fund = 150)

Account Debit Credit
Petty cash
 150

Cash

150
Total
 150
 150

Payments− (Postage payment = 35, stationery payment = 50)

Account Start End
Cash held
 150
 65
Postage payment

35
Stationery payment

50
Total
 150
 150

Fund replenished − (Postage payment = 35, stationery payment = 50)

Account Debit Credit
cash

85
Postage payment
 35

Stationery payment
 50

Total
 85
 85

Errors − (Postage payment = 25, stationery payment = 50, error = 10)

Account Debit Credit
cash

85
Postage payment
 25

Stationery payment
 50

Sundry expenses
 10

Total
 85
 85

Increase in petty cash − (Increased petty cash = 50)

Account Debit Credit
Petty cash
 50

Cash

50
Total
 50
 50
Updated on: 2021-07-09T13:14:29+05:30

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