JAMB - Accounts Principles Of Accounts (2025 - No. 52)

Use the following information to answer questions 52 to 54
Taiwo is a sole trader who keeps his petty cash on the imprest system, the imprest amount being #4,000.

The following transactions took place for a particular month:

Dec 1 petty cash in hand 517
1 petty cash to imprest 3,483
6 Bought notebooks 328
7 Paid wages 914
14 Bought postage stamps 375
16 Paid to J. Thomas, a creditor 536

21 Paid wages 928
23 Bought envelopes 437
27 Bought postage stamps 210

Amount to be reimbursed at the end of the month is

#4,000
#3,728
#1,842
#3,483

Explanation

Amount to be reimbursed = Total expenses incurred
= 328 + 914 + 375 + 536 + 928 + 437 + 210 = ₦3,728.

Comments (0)

Advertisement