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Hello;
Simran uses the imprest method of accounting for petty cash. She counted the petty cash and there was $88.00 in hand. There were also the following petty cash vouchers:
$
Sundry purchases 25.00
Loan to sales manager 20.00
Purchase of staff drinks 20.00
Sundry sales receipts 47.00What is Simran’s imprest amount?
I think the answer is $106 (88+25+20+20-47) but my teacher said is $200 because it is petty cash voucher although it has receipt. I had attempted other similar question too, the answer minus the sundry sales receipt too. So now, I am confused whether to minus or add the sundry sales receipt.
Momemsa: Thanks for the answer, but please do not answer in this forum (but please do help people in the other Paper FA forum 🙂 )
Nwisgthvee: What Momemsa has written is correct and the answer is indeed $106. Assuming you have copied the question correctly, then what your teacher has told you is simply not true.
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