Robin is a sole trader. He operates a petty cash book using the imprest system with a float of $100 at the beginning of each month. The imprest was restored on 30 April so there is an opening balance of $100 on 1 May.
Details of petty cash vouchers presented during May were as follows:
a. Write up Robin’s petty cash book for May. Use analysis columns for postages, cleaning, stationery and refreshments. Total and balance the book on 31 May.
b. i. State one reason why a business may operate a petty cash book.
ii. State one advantage of operating the imprest system of petty cash.
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