• Register
Search Questions / Answers

Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. You can register with your email or with facebook login in few seconds

Get AccountantAnswer App

Accounting for petty cash under IFRS...

Is there any special requirement in accounting for petty cash?

asked Dec 2, 2012 in General IFRS Discussion by anonymous
recategorized Mar 5, 2013 by Visio

1 Answer

0 votes
There is no special treatment under IFRS. Here are the general entries in a petty cash imprest system:

When you first get the money for the petty cash float
DR Petty cash a/c
CR Bank a/c

When there is a petty cash expense
DR Relevant expense a/c
CR Petty cash a/c

When you reimburse the money ( when the petty cash float is going below a set limit )

DR petty cash a/c
CR Bank a/c
answered Dec 2, 2012 by Visio Level 5 Member (25,120 points)