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WAEC Financial Accounting 2013 Question 8

Question 8

Petty Cash

A petty cashier received a float of GH¢ 120 and spent GH¢ 84. The imprest is

  1. A.GH¢ 204
  2. B.GH¢ 120
  3. C.GH¢ 84
  4. D.GH¢ 36
Show the answer and explanation

Answer: B (GH¢ 120)

Explanation

The imprest is the fixed float given to the petty cashier, GH¢120. GH¢84 is the amount reimbursed to restore it and GH¢36 is the cash left.