PRACTICE QUESTIONS:

EXAMPLE 1
The balance in the petty cash tin is $50, and the vouchers total is $150.
What is the imprest amount?
Petty cash tin balance + Petty cash vouchers total = Imprest amount
Petty cash balance $50 + Petty cash vouchers $150 = $200

EXAMPLE 2
The imprest is $150, and the balance in the tin is $15.
What is the value of the petty cash vouchers?
Imprest amount – Petty cash tin balance = Petty cash vouchers total
Imprest $150 – Petty cash balance $ 15 = $135

EXAMPLE 3
The table below summarises the petty cash transactions in a week.
How much money should be added to the petty cash tin if the cash float is $500?
Income $ Expenditure $

Opening 500 Travelling 150

balance expenses

Sale of 10 Subsistence 250

stamps expenses

Sale of paper 50
Payment vouchers – Receipt vouchers = Top-up amount
($150 + $250) – ($10 + $50) = $340

EXAMPLE 4
The imprest Amount is $500. At the end of the week, payment vouchers in the tin totalled $400,
and receipt vouchers totalled $60. There are also IOUs amounting to $5.
What is the balance in the tin at the end of the week?
Imprest amount – IOUs – Petty cash vouchers total = Petty cash tin balance
Imprest $500 – IOUs $5 – Payment voucher $400 + Receipt voucher $60 = $155