JAMB - Accounts Principles Of Accounts (2025 - No. 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 posted to the personal ledger is
#765
#536
#517
#585
Explanation
In the imprest system, the amount to be posted to the personal ledger is the amount paid to a creditor. The amount paid to J. Thomas is #536
Comments (0)


