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?
160
840
1000
1040
Correct answer is D
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