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WAEC Financial Accounting 2021 Question 21

Question 21

Petty Cash

The petty cash account has an imprest of GH¢36,000 and a debit balance of GH¢10,000 at the end of the month. The reimbursement required would be.

  1. A.GH¢46,000
  2. B.GH¢36,000
  3. C.GH¢26,000
  4. D.GH¢10,000.
Show the answer and explanation

Answer: C (GH¢26,000)

Explanation

36,000 − 10,000 left = GH¢26,000 spent, which is refunded.