A business operates an imprest system with a fixed petty cash float of \text{₦}45,000. At … — JAMB UTME

A business operates an imprest system with a fixed petty cash float of $\text{₦}45,000$ . At the end of June 2026, petty cash vouchers revealed total disbursements of $\text{₦}36,000$ , consisting of office stationery $\text{₦}12,400$ , travelling expenses $\text{₦}15,600$ , and cleaning expenses $\text{₦}8,000$ . Which double entry is required in the main accounting books to reimburse the petty cashier and restore the float?

Debit Petty Cash Account $\text{₦}36,000$ ; Credit Bank Account $\text{₦}36,000$ Cevap
B
Debit Bank Account $\text{₦}36,000$ ; Credit Petty Cash Account $\text{₦}36,000$
C
Debit Petty Cash Account $\text{₦}9,000$ ; Credit Bank Account $\text{₦}9,000$
D
Debit Stationery Account $\text{₦}12,400$ , Travelling Account $\text{₦}15,600$ , Cleaning Account $\text{₦}8,000$ ; Credit Bank Account $\text{₦}36,000$

Cevap

Debit Petty Cash Account ₦36,000; Credit Bank Account ₦36,000

Under the imprest system, the petty cashier is reimbursed for exact total expenses paid during the period. Since total disbursements equal ₦36,000, issuing a cheque from the main bank account requires debiting the Petty Cash Account (to restore funds) and crediting the Bank Account (for funds drawn).

Adım Adım Çözüm

Calculate total petty cash disbursements

Total expenses paid =

\text{₦}12,400 + \text{₦}15,600 + \text{₦}8,000 = \text{₦}36,000

Under the imprest system, the amount reimbursed must exactly equal the total cash spent during the period.

Determine double entry for reimbursing petty cash float from bank

Debit Petty Cash Account

\text{₦}36,000

(receiving asset), Credit Bank Account

\text{₦}36,000

(paying asset)

Reimbursement increases petty cash balance back to the float level of ₦45,000 by drawing funds from the bank.

Anahtar Kavram

Accounting entry for restoring the petty cash imprest float

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