A petty cash fund of ₱5,000 paid out ₱1,250.00, ₱875.50 and ₱1,430.00. What is the remaining balance?
Correct answer: B. ₱1,444.50
Total payments = ₱1,250.00 + ₱875.50 + ₱1,430.00 = ₱3,555.50. Balance = ₱5,000.00 − ₱3,555.50 = ₱1,444.50. Under the imprest system, the fund is later replenished by the total amount paid out, ₱3,555.50, to bring it back to ₱5,000.
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