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
Correct Answer: Option C
Explanation
- 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