How much was received to maintain the imprest at the end of the month?

By: |Published on: Dec 1|Categories: Accounting JAMB| 0 comments

The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175

 

A. N1, 605
B. N875
C. N2, 450
D. N1, 300

Correct Answer:

Option B – N875

Explanation

An imprest system is a form of a financial accounting system. The most common imprest system is the petty cash system. The base characteristic of an imprest system is that a fixed amount is reserved, which after a certain period of time or when circumstances require, because money was spent, it will be replenished.

450 + 250 +175 = 875
the imprest will be reimbursed with the amount that was spent which is 875

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