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
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