WAEC Accounting 2022 Paper

Concept:Under the imprest system, the petty cash float is fixed, and money paid to creditors is recorded in the ledger column of the petty cash book.Explanation:• The imprest float is $\text{GH¢}8{,}000$, so the petty cashier starts each period with this amount.• Payments are made for small or incidental expenses during the month.• Payment to Biodun, a creditor, is not an ordinary expense item.• Such a payment is entered in the ledger column of the petty cash book.• From the given January 2018 transactions, the amount paid to Biodun is recorded as $\text{GH¢}1{,}072$.• Therefore, the correct option is the one that states $\text{GH¢}1{,}072$.Answer:B. $\text{GH¢}1{,}072$