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
waec 2014accounting

The correct answer is C. D23,000

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

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