Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure

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Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure of £140, with the balance being restored to that amount on the first day of each month. At 30 April 2016 the petty cash box held £24.37 in cash.

During May 2016, the following petty cash transactions arose:

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Required:

(a) Open and post the company's analysed petty cash book for the period 1 May to 1 June 2016 inclusive.
(fa) Balance the account at 30 May 2016.

(c) Show the imprest reimbursement entry on June 1.

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Frank Woods Business Accounting Volume 1

ISBN: 9781292084664

13th Edition

Authors: Alan Sangster, Frank Wood

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Question Posted: Mar 27, 2024 04:00 AM

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Fine Teas operates its petty cash account on the imprest system. It is maintained at a figure

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Frank Woods Business Accounting Volume 1

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