WAEC - Accounts Principles Of Accounts (2014 - No. 23)
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?
D33,000
D28,000
D23,000
D5,000
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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