A company uses the imprest system to control its petty cash, keeping a float of $50. Since the cash was last replenished it had the following transactions: 1 $12.50 to the milkman 2 $10.00 on taxis 3 $5.70 on stationary 4 $20 advance taken by the director for a taxi fare last week returned unused 5 $18.50 to the cleaner 6 $15 advance to the MD's secretary How much should now be drawn out of the bank? A $50 B $41.70 C $46.70 D $31.70

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A:

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Cash Book

So, before coming to the topic of cash books, I will let you briefly explain about the cash so that you all can be familiar with the word cash. Cash comes under the category of the current asset which is used as a medium of exchange for all the financial transactions in the firm. Cash is something that is universally accepted as a mode of payment. So, now comes to the topic i.e., cash book.