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What is imprest system of petty …

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What is imprest system of petty cash book?

Posted by Pushpraj Singh 6 years, 10 months ago

CBSE > Class 11 > Accountancy

1 answers

Gaurav Seth 6 years, 10 months ago

The cash book that records payments of small expenses of small denomination such as postage, stationery, conveyance, etc. This cash book is maintained by a cashier called Petty Cashier and is known as Petty Cash Book.

Under Imprest System, a fixed sum of money is given to the petty cashier at the beginning of period and at the end the amount actually spent is reimbursed so as he/she has the same fixed amount of money in the beginning of next period.

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