The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175
How much was received to maintain the imprest at the end of the month?
- N1, 605
-
N875
- N2, 450
- N1, 300
The correct answer is: B
Explanation
The imprest system is a form of financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.
450 + 250 +175 = 875
the imprest will be reimbursed with the amount that was spent which is 875