Answered step by step
Verified Expert Solution
Question
1 Approved Answer
31. Which of the following is true under petty cash imprest system? a) Cash in hand + paid vouchers = petty cash advance b) Petty
31. Which of the following is true under petty cash imprest system? a) Cash in hand + paid vouchers = petty cash advance b) Petty cash re-imbursement + petty cash advance = cash in hand c) Petty cash is re-imbursed weekly d) Petty cash payments are recorded in the petty cash book 32. The weekly imprest given to the petty cashier for a week was K80. At the end of the week, amount paid was K72. The amount needed to re-imburse the petty cash imprest for the coming week is: (a) K80 (b) K72 (c) K8 (d) K152 33. The correct double entries for petty cash advance given at the beginning of an accounting year is: (a) Petty cash book Dr and Cash payments journal Cr (b) Petty cash reimbursement Dr and Petty cash advance Cr (c) Petty cash Advance Dr and Cash at bank Cr (d) Cash at bank Dr and Petty cash advance Cr 34. The amount of the reimbursement cheque drawn and given to the petty cashier is equal to: (a) The amount remaining in the fund (b) The amount spent from the fund (c) The original amount of the fund (d) None of the above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started