Use the following information below to answer this question Five hundred naira monthly is allowed...
FINANCIAL
JAMB 2020
Use the following information below to answer this question
Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:₦
Cash advanced to petty cashier 500
Petty cashier paid out: Stamp 200
Newspaper 250
Period 2:
Cash to petty cashier 450
Cashier paid for writing materials 350
What was the balance of cash with the petty cashier at the end of period 1?
- A. ₦450
- B. ₦300
- C. ₦50
- D. ₦200
Correct Answer: C. ₦50
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