JAMB Principles of Accounts 2005 Question 10

Use the information below to answer questions 9 and 10.
Five hundred naira monthly is allowed on an imprest system. The following transactions took place:
Period 1: Cash advanced to petty cashier ₦500; Petty cashier paid out: Stamp ₦200, Newspapers ₦250
Period 2: Cash to petty cashier ₦450; Cashier paid for writing materials ₦350
What was the balance of cash with the petty cashier at the end of period 1?

1. A.₦50
2. B.₦200
3. C.₦300
4. D.₦450