In a petty cash book the imprest is ₦1380. Expenses: Stationery ₦350 Cleaning material ₦335 General expenses ₦265How much was received to maintain the impre...
Question 1 Report
In a petty cash book the imprest is ₦1380.
Expenses:
Stationery ₦350
Cleaning material ₦335
General expenses ₦265How much was received to maintain the imprest at the ends of the month?
Answer Details
In a petty cash system, a fixed amount of money (imprest) is given to a custodian to cover small expenses. The custodian is responsible for maintaining a record of all petty cash transactions in a petty cash book.
In this case, the imprest amount is ₦1380, and the total expenses incurred during the month are ₦950 (₦350 for stationery + ₦335 for cleaning material + ₦265 for general expenses).
To maintain the imprest, the custodian should receive an amount equal to the total expenses incurred during the month. Therefore, the amount received to maintain the imprest at the end of the month should be ₦950.
Thus, the answer is ₦950.
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