PRC-1 · Chapter 2 · Question 86 of 100
A petty cash system has an imprest limit of Rs. 4,000. Current un-reimbursed expense vouchers total Rs. 2,800. An IOU from a staff member is present for Rs. 500. How much physical cash should be in the tin?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) Rs. 700
Explanation
Total imprest (Rs. 4,000). Documented outlays are expenses (Rs. 2,800) + IOU (Rs. 500) = Rs. 3,300. The remaining physical cash should be: 4,000 - 3,300 = Rs. 700.
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