Use the information above to answer question
Period 1:
……..Cash to petty cashier………….N1000
……..Petty cashier pays out…………N780
Period 2:
……..Petty cashier pays out…………N840
If the float is increased to N1200, how much should the petty cashier receive after period 2?
- A.
160 - B.
840 - C.
1000 - D.
1040
Correct Answer: Option D
Explanation
previous imprest – pay out in period 2;
1,000 – 840 = 160
Then when it is increased to 1200;
1200 – 160 = 1040
The petty cashier will be reimbursed with 1,040