ICAEW AF · Chapter 3 · Question 8 of 11
A business operates an imprest petty cash system with a float of £300. During the month, petty cash vouchers totalling £241.60 were paid out, and £15 was received from staff for private photocopying and put into the petty cash tin. How much cash must be drawn from the bank at the end of the month to restore the imprest?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) £226.60
Explanation
Cash in the tin at the month end = £300 - £241.60 + £15 = £73.40. To restore the float to £300, the amount required is £300 - £73.40 = £226.60. This equals the vouchers of £241.60 less the £15 received.
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