PRC-1 · Chapter 2 · Question 4 of 100
Under the imprest system of petty cash used by 'Crescent Corp', the imprest amount is set at Rs. 15,000. If expense vouchers for the week total Rs. 12,400, what amount will be reimbursed to the petty cashier to restore the float?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) Rs. 12,400
Explanation
Under the imprest system, the petty cash float is restored to its original fixed amount at regular intervals. Therefore, the exact amount of the recorded expenditure (Rs. 12,400) is reimbursed.
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