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JAMB Principles of Accounts 2002 Question 3

Question 3

Petty Cash

In a petty cash book the imprest is ₦1380
Expenses: (₦)
Stationery 350
Cleaning material 335
General expenses 265
How much was received to maintain the imprest at the end of the month?

  1. A.₦950
  2. B.₦970
  3. C.₦430
  4. D.₦380.
Show the answer and explanation

Answer: A (₦950)

Explanation

Under the imprest system the cashier is refunded exactly what was spent: 350 + 335 + 265 = ₦950.