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:

Use the following information to answer questions 6 and 8

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 amount              3,483

6              Bought note books                                    328

7              Paid Wages                                                  914

14            Bought postage stamps                            375

16            Paid to J. Thomas Stamps, a creditor    536

 

6) Amount to be posted to the personal ledger is

a) #765

b) #585

c) #536

d) #517

 

7) Amount spent on stationery is

a) #765

b) #585

c) #538

d) #37

8) Amount to be reimbursed at the end of the month is

a) #4,000

b) #3,728

c) #3,483

d) #1,842

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