JAMB Past Questions and Answers - Page 867

Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:                                                    ₦
Cash advanced to petty cashier               500
Petty cashier paid out: Stamp                  200
                         Newspaper          250
Period 2:
Cash to petty cashier                               450
Cashier paid for writing materials             350

What was the balance of cash with the petty cashier at the end of period 1?

Five hundred naira monthly is allowed on an imprest system. The following transactions took place
Period 1:                                                    ₦
Cash advanced to petty cashier               500
Petty cashier paid out: Stamp                  200
                 Newspaper                 250
Period 2:
Cash to petty cashier                               450
Cashier paid for writing materials             350

How much should the petty cashier receive after period 2?

The rule of accounting equation requires that account payable should be placed under

In a control account, provision for bad debts is found on the

Given                                                 ₦     
Stock (1/4/94)                                  800
Purchases of flour                         2,450
Sales                                             4,745
Wages of bakery staff                      675
Carriage outwards                             50
Salary of administrative staff            225
Stock (31/3/95)                                 940
Capital                                           1,540

Calculate the cost of goods sold