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

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

Explanation

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