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Use the information above to answer question Period 1: ........Cash to petty cashier.............N1000 ........Petty cashier...

Accounts - Principles of Accounts
JAMB 2009

Use the information above to answer question

Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780

Period 2:
........Petty cashier pays out............N840

If the float is increased to N1200, how much should the petty cashier receive after period 2?

  • A. 160
  • B. 840
  • C. 1000
  • D. 1040
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Correct Answer: Option D
Explanation

previous imprest - pay out in period 2;

 1,000 - 840 = 160
Then when it is increased to 1200;

1200 - 160 = 1040

The petty cashier will be reimbursed with 1,040

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts