- 1 Marks
FA – Mar/July 2020 – L1 – SA – Q9 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)
Calculating the amount to be reclaimed under the imprest system
Question
The following is a summary of the petty cash transactions for a week:
- Opening balance: N50,000
- Sales of stamps: N10,000
- Sales of paper: N50,000
- Travelling expenses: N150,000
- Subsistence expenses: N250,000
What sum should be reclaimed by the cashier at the end of the week?
A. N550,000
B. N500,000
C. N400,000
D. N340,000
E. N160,000
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