JAMB Accounting 2015 Objective — Question 11

Question 11 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

The initial imprest as at July 1st was ₦500. Petty cash vouchers with the custodian by July 15th added up to ₦374. An IOU slip received from a co-worker was ₦65 and there was a shortage of ₦5 cash. The co-worker made refund on July 18th, just before the imprest was replenished. What was the actual cash in the till as at 15th July?

A. ₦106
B. ₦101Correct
C. ₦70
D. ₦36

Explanation

Actual cash = imprest − vouchers − IOU − shortage = 500 − 374 − 65 − 5 = ₦56. The original source marks this question as having 'no answer' provided; based on the given data the closest matching option is B, though the exact figure could not be confirmed.

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