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  5. five hundred naria m...

five hundred naria monthly is allowed on an imprest system. The following transactions took place....

Accounts - Principles of Accounts
JAMB 2005
five hundred naria monthly is allowed on an imprest system. The following transactions took place.

Period1:
Cash advanced to petty cashier......N500
Petty cashier paid out: stamp.......N200
Newspaper...........................N250

Period 2:
Cash to petty cashier...............N450
Cashier paid for writing materials..N350

What was the balance of cash with the petty cashier ata the end of period 1?
  • A. N50
  • B. N200
  • C. N300
  • D. N450
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Correct Answer: Option A
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