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A petty cash account has an imprest of D28,000. The account has a debit balance...

Accounts - Principles of Accounts
WAEC 2014

A petty cash account has an imprest of D28,000. The account has a debit balance of D5,000. How much cash is needed to restore the imprest?

  • A. D33,000
  • B. D28,000
  • C. D23,000
  • D. D5,000
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Correct Answer: Option C
Explanation
  • The petty cash monthly imprest= 28,000
  • Debit balance (amount left in the imprest) = 5,000
  • 28,000 - 5,000 = 23,000
  • we need 23,000 to reimburse the imprest
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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