Question on: WAEC Accounting - 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 Option: C
- 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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