Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Al Kamyani have business in Nizwa, Oman. The business was maintaining only one Cash account. The Chief accountant used to make all the Cash payments.

Al Kamyani have business in Nizwa, Oman. The business was maintaining only one Cash account. The Chief accountant used to make all the Cash payments. As the business grew the number of cash payment of small amounts increased and it became difficult for the Chief Accountant to maintain the cash account. On 1st September 2021 The Chief Accountant started a Petty cash fund and appointed you as a petty cashier. He gave a cheque for RO 600 to keep as Petty cash fund. During the month of September the receipts were RO 150 petrol, RO 90 office stationery, RO 160 staff welfare and RO 60 travelling and there was RO 125 left in the petty cash box. In the month of October the receipts were RO 135 petrol, RO 75 office stationery, RO 185 staff welfare and RO 75 travelling and there was RO 150 left in the petty cash box.

The fund amount was raised to RO 700 from the end of the month.

You are required to answer the below questions based on the above case

*** note: Questions no 32 ,33, 34 relate to Case Study 2


Question 32

Not yet answered
Marked out of 1.00
Flag question

Question text

The amount of receipts in the month of September is .
a.
RO 475
b.
RO 460
c.
RO 500
d.
RO 450
Clear my choice

Question 33

Not yet answered
Marked out of 1.00
Flag question

Question text

The amount required to refill the fund in September is .
a.
RO 475
b.
RO 355
c.
RO 445
d.
RO 460
Clear my choice

Question 34

Not yet answered
Marked out of 1.00
Flag question

Question text

The amount required to refill the fund in October will be.
a.
RO 450
b.
RO 375
c.
RO 350
d.
RO 550
Clear my choice

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Activity Accounting An Activity-Based Costing Approach

Authors: James A. Brimson

1st Edition

0471196282, 978-0471196280

More Books

Students also viewed these Accounting questions

Question

12-18. Why do companies segment markets?

Answered: 1 week ago