Five hundred naria monthly is allowed on an imprest system. The following transactions took place.
Period1:
Cash advanced to petty cashier……N500
Petty cashier paid out: stamp…….N200
Newspaper………………………N250
Period 2:
Cash to petty cashier……………N450
Cashier paid for writing materials..N350
A. N150
B. N250
C. N350
D. N500
Correct Answer:
Option B – N250
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