CIMA BA3 · Chapter 4 · Question 4 of 10
A business runs a petty cash imprest system with an imprest of $400. At the end of the month there are vouchers totalling $312 and $88 cash in the tin, so no cash is missing. How much cash should be drawn from the bank to restore the imprest?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: D) $312
Explanation
Under an imprest system the float is topped up to the imprest amount by reimbursing exactly what has been spent. Vouchers $312 + cash $88 = $400, so the float is complete. Amount to draw = imprest $400 - cash in hand $88 = $312, which equals the total of the vouchers.
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