In a petty cash book, the closing balance was ₦235, imprest ₦1,250, while the stationery expenses were ₦655. How much was paid for other general expenses?
Question 1 Report
In a petty cash book, the closing balance was ₦235, imprest ₦1,250, while the stationery expenses were ₦655. How much was paid for other general expenses?
Answer Details
The petty cash book has an imprest of ₦1,250, which is the amount of money initially given to the custodian for expenses. The closing balance of the petty cash book is ₦235, which is the amount of money left with the custodian after paying for various expenses. The total expenses incurred by the custodian can be calculated by subtracting the closing balance from the imprest, which gives:
Total expenses = Imprest - Closing balance
Total expenses = ₦1,250 - ₦235
Total expenses = ₦1,015
We know that ₦655 was spent on stationery expenses, so the amount spent on other general expenses can be calculated by subtracting the stationery expenses from the total expenses:
Other general expenses = Total expenses - Stationery expenses
Other general expenses = ₦1,015 - ₦655
Other general expenses = ₦360
Therefore, the amount paid for other general expenses was ₦360, which is the first option.
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