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JAMB Principles of Accounts 2001 Question 10

Question 10

Petty Cash

In a petty cash book, the closing balance was ₦235, imprest ₦1,250, while the stationery expenses were ₦655. How much was paid for other general expenses?

  1. A.₦360
  2. B.₦355
  3. C.₦350
  4. D.₦305.
Show the answer and explanation

Answer: A (₦360)

Explanation

Spent = 1,250 − 235 = 1,015. Other expenses = 1,015 − 655 = ₦360.