What was the balance of cash with the petty cashier at a the end of period 1?

By: |Published on: Dec 6|Categories: Accounting JAMB| 0 comments

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. N50
B. N200
C. N300
D. N450

Correct Answer:

Option A – N50

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