WAEC - Accounts Principles Of Accounts (2016 - No. 7)
A petty cash account has an imprest of GH¢ 6,000. If GH¢ 2,000 were left, how much will be re-imbursed at the end of the period?
GH¢ 8,000
GH¢ 6,000
GH¢ 4,000
GH¢ 2,000
Explanation
An imprest is a fund used by a business for small items of expenditure and restored to a fixed amount periodically.
A reimbursement is a repayment for money you've already spent.
- The petty cashier imprest is a fixed amount of GH¢6,000
- At the end of the month GH¢2,000 left
- The imprest will be reimbursted with GH¢4,000
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