JAMB - Accounts Principles Of Accounts (2015 - No. 56)
The imprest of a petty cashier is N2450
Expenses on Printing 420
Cleaning 250
Stamp and postage 175
How much was received to maintain the imprest at the end of the month?
N1, 605
N875
N2, 450
N1, 300
Explanation
The imprest system is a form of 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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