Gce Model Questions Vol1 2021 Financial Accounting Question 48
Practice objective / multiple choice question 48 from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
XYZ Ltd maintains a petty‑cash fund with a fixed float of \(500\). At 30 April the petty‑cash box contains cash of \(120\) and vouchers totalling \(380\) for expenses (travel \(150\), stationery \(80\), client entertainment \(150\)). The cash book records a cash payment of \(500\) to the petty‑cash fund on that date. However, the client‑entertainment expense was mistakenly also recorded as a cash purchase in the main cash book. Determine the amount that should have been transferred from the bank to replenish the petty‑cash fund on 30 April.
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About This Question
This is Gce Model Questions Vol1 2021 Financial Accounting Question 48. It is one of the objective questions from the 2021 Gce Model Questions Vol1 Financial Accounting examination.
Difficulty level: Medium .
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