What do you mean by ‘ Imprest System of petty cash’ ?
AccountancyClass 11CBSEAnswered 23 Jun 2026
Answer
It is convenient to entrust a definite sum of money to the petty cashier in the beginning of a period and to reimburse him for payments made at the end of the period. Thus, he will have again the fixed amount in the beginning of the period.
Such a system is known as the ‘Imprest system of petty cash.’
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