Question

explain imprest system of petty cash book

Answer 1

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IMPREST SYSTEM OF PETTY CASH BOOK
Under this system ,an estimate is made of required amount for petty expenses for a period. The amount so ascertained is given to the petty cashier in the beginning of a period. The amount paid by him during the period. Thus,he will again have the fixed amount in the beginning of the new period reimbursed. This amount is called imprest money. This system of paying advance in the beginning and reimbursing the amount spent from time to time is called imprest system.

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