Bola a grocer, keep petty cash on imprest system, the float being GH⊄ 8,000. These transactions took place in January 2018.

GH⊄
January 1 Petty cash in hand 1034
January 1 Petty cash to restore float 6966
January 6 Bought note books 656
January 7 Paid wages 1828
January 14 Bought postage stamps 750
January 16 Paid to Biodun a creditor 1072
January 18 Paid wages 1856
January 23 Purchased envelopes 874
January 28 Purchased postage stamps 420

A. GH⊄ 6,928
B. GH⊄ 6,966
C. GH⊄ 7,456
D. GH⊄ 8,000

Correct Answer:

Option C – GH⊄ 7,456

Explanation

Total transaction during the period = 656 + 1828 + 750 + 1072 + 1856 + 874 + 420
= GH⊄7456

Copyright warnings! Do not copy.