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help with question

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › help with question

  • This topic has 1 reply, 2 voices, and was last updated 7 years ago by John Moffat.
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  • June 10, 2018 at 4:23 pm #458191
    anjali1416
    Member
    • Topics: 4
    • Replies: 1
    • ☆

    hello, your lectures are so useful + the notes thank you so much!

    i was practicing questions from a revision kit but wasn’t entirely sure and need a reasoning or explanation of why we add these back on to the current amount of petty cash in hand?

    it says the petty cash in hand £66, and then there were the following petty cash vouchers:

    sundry purchases £22, loan to sales manager £10, purchase of staff drinks £19 and sundry sales receipts £47..

    and it asks what the imprest amount is, I understand that the first 3 items need to be added on to maintain the float as they were taken out to be spent for those reasons from the £66 but i don’t understand the last one sundry sales receipts and why that needs to be taken away

    June 11, 2018 at 10:49 am #458266
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    The first 3 items were payments, so had reduced the petty cash – so needed adding back.

    The sundry sales receipts were receipts of cash and so had increased the petty cash – so need subtracting.

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