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Your company has a petty cash imprest of 750,this is to be increased to 800.At the end of the month the cash in hand was 57 and receipts and vouchers totalled 673.In addition the cash box contained IOU from a member of staff for 20.How much cash is withdrawn from the bank to restore and increase the imprest?
A.723
Sir,can you help me with this question?
I assume you know what the impress system is? (If not then do watch my free lectures where I explain it).
At the end of the month they have cash of 57 plus an IOU of 20, so a total of 77.
To bring the balance up to 800, they need to withdraw from the bank 723 (800 – 77).
The lectures are a complete free course for Paper FA and cover everything needed to be able to pass the exam well.
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