JAMB - Accounts Principles Of Accounts (2009 - No. 9)
Use the information above to answer question
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?
Period 1:
........Cash to petty cashier.............N1000
........Petty cashier pays out............N780
Period 2:
........Petty cashier pays out............N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?
160
840
1000
1040
Explanation
previous imprest - pay out in period 2;
1,000 - 840 = 160
Then when it is increased to 1200;
1200 - 160 = 1040
The petty cashier will be reimbursed with 1,040
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