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Zorluk: ZorPetty Cash Book and the Imprest System

On 1 March 2026, a business established a petty cash imprest float of ₦60,000₦60,000. During the month of March, total cash disbursements paid out of the petty cash box amounted to ₦43,500₦43,500. In addition, ₦5,000₦5,000 cash was received from the sale of old office newspapers and recorded on the receipts side of the petty cash book. Upon audit, it was discovered that a ₦3,500₦3,500 payment for office stationery had been entered twice in the analysis columns, though cash was paid out only once. Management decided to permanently increase the imprest float by 20%20\% effective 1 April 2026. Calculate the exact amount of cash required from the main cashier at the end of March to restore and set the petty cash float to its new level.

Cevap: 50500 ₦

Cevap

The total cash required from the main cashier to restore and establish the new imprest float is ₦50,500₦50,500.
To restore and adjust the imprest float under the imprest system, the main cashier must provide enough cash to top up the remaining physical balance to the new float level. The new float is 120%120\% of ₦60,000=₦72,000₦60,000 = ₦72,000. The actual cash remaining in the box equals the starting float (₦60,000₦60,000) plus sundry cash received (₦5,000₦5,000) minus actual cash paid out (₦43,500₦43,500), which leaves ₦21,500₦21,500. Subtracting ₦21,500₦21,500 from ₦72,000₦72,000 gives the required reimbursement of ₦50,500₦50,500.

Adım Adım Çözüm

1
Determine the new required imprest float for April.
New Float = ₦60,000+(20%×₦60,000)=₦72,000₦60,000 + (20\% \times ₦60,000) = ₦72,000
Management decided to permanently increase the float by 20% starting 1 April.
2
Calculate the actual cash remaining in the petty cash box at the end of March.
Cash Balance = ₦60,000 (Initial Float)+₦5,000 (Receipts)−₦43,500 (Actual Cash Spent)=₦21,500₦60,000 \text{ (Initial Float)} + ₦5,000 \text{ (Receipts)} - ₦43,500 \text{ (Actual Cash Spent)} = ₦21,500
The duplicate entry of ₦3,500₦3,500 occurred only in the analysis columns and did not reduce the actual physical cash beyond the ₦43,500₦43,500 spent.
3
Calculate the total cash reimbursement required from the main cashier.
Reimbursement = ₦72,000 (New Float)−₦21,500 (Remaining Cash)=₦50,500₦72,000 \text{ (New Float)} - ₦21,500 \text{ (Remaining Cash)} = ₦50,500
Under the imprest system, the reimbursement must equal the amount needed to bring the physical cash balance up to the new imprest float.

Anahtar Kavram

Petty Cash Imprest Restoration and Float Adjustment
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Konular

Petty Cash Book and the Imprest System

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