NECO Accounting 2022 Objective — Question 39

Question 39 of 50 from the National Examinations Council (NECO) Accounting 2022 Objective paper, with the correct answer and a full explanation.

Bola, a grocer, keeps petty cash on the imprest system, the float being GH¢8,000. Given the January 2018 petty cash transactions, the amount posted to the personal ledger was

A. GH¢6,966
B. GH¢3,684
C. GH¢1,074Correct
D. GH¢1,034

Explanation

Payments to a named creditor (Biodun, a personal/ledger account) total GH¢1,072/1,074 based on the petty cash book workings, and are posted to the personal ledger.

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