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JAMB Principles of Accounts 2009 Question 10

Question 10

Petty Cash

Period 1: Cash to petty cashier 1000; Petty cashier pays out 780
Period 2: Petty cashier pays out 840
What is the balance of cash with the petty cashier at the end of period I?

  1. A.220
  2. B.780
  3. C.980
  4. D.1780
Show the answer and explanation

Answer: A (220)

Explanation

1 000 received − 780 paid out = ₦220.