Petty cash question

[phunkyphantom22]

Hi all,<BR><BR>I have been practising for the exam by doing past papers and have noticed a question on petty cash which is a bit confusing.<BR><BR>It states the business operates an imprest system and the imprest amount is £200, which is restored on 1st day of each month.<BR><BR>The first question lists some amounts spent totalling £123.15 and asks how much is needed to restore the imprest level - this is £123.15, that part is fine.<BR><BR>The next question asks how much will be in the petty cash tin on 1 July. <BR><BR>I am now stuck - is this a simple answer of £200 as the tin has been topped up or is this a trick question where the amount will be £76.85 to start with and then topped up to £200???<BR><BR>Do you see what I mean?

[Amanda258]

I have done this one!<BR><BR>I think it is a trick question - I think I put £200<BR><BR>Which exam is it? Do you have the answers for it?<BR><BR>Amanda

[phunkyphantom22]

Hi,<BR><BR>I'm not sure what paper it is - think I printed off 'accounting technician', therefore it has no answers!<BR><BR>I'm not sure if I should put '£76.85 at start of day, then topped up to £200'.

[Amanda258]

The answer is £200!<BR><BR>I have now looked it up in the answers!!<BR><BR>Hope this helps!!<BR><BR>Amanda