During the month of March, a firm which wishes to maintain a petty cash float of £200, paid £146 out of petty cash.
How much should it reimburse to the imprest at the end of the month?
Select ONE answer:
- £54
- £146
- £200
- £254
Show your workings to arrive at your answer, and explain and justify your reasons:
……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………
This multiple-choice question is suitable for Accounting KS5 classes.
The answer is 2
- Incorrect – A Cash sales should be recorded in the cash book (or cash receipts book).
- Correct – By always reimbursing the amount paid out during a period, the float (imprest) will always be restored to the amount on hand at the beginning of the period.
- Incorrect – Goods sold on credit should be recorded in the sales journal.
- Incorrect
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