JAMB - Accounts Principles Of Accounts (2025 - No. 53)

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 spent on stationery is

#585
#437
#538
#765

Explanation

The amount spent on stationery = the sum of the amounts spent on notebooks and envelopes

= # 328 + # 437 = # 765

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