Maharashtra State BoardHSC Commerce 11th
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Answer the following question in one sentence: State the meaning of Imprest System of Petty Cash Book. - Book Keeping and Accountancy

One Line Answer

Answer the following question in one sentence:

State the meaning of Imprest System of Petty Cash Book.

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Solution

By estimating the amount for petty expenses, the petty cashier is given some amount at the beginning of period. At the end of the period, after checking the account, the petty cashier is once again given an amount equal to the expenses to start with a new period. This system is known as the Imprest System of Petty Cash Book.

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APPEARS IN

Balbharati Book-keeping and Accountancy 11th Standard HSC Maharashtra State Board
Chapter 5 Subsidiary Books
Exercise Q.1 | Q 4 | Page 168
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