JAMB Accounts Principles of Accounts 2020 Paper

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Question : 4

Total: 40

Bank account 59,410

Capital account 50,000

Purchases account 20,000

Typewriter 6,500

₦I38,500
₦147,910
₦85,800
₦88,500

Solution:

Concept:

Given debit and credit balances, find the total of the trial balance.

Explanation:

Debit balances:

Bank ₦59,410

Purchases ₦20,000

Rent ₦2,500

Stationery ₦90

Typewriter ₦6,500

Total debits

= 59,410 + 20,000 + 2,500 + 90 + 6,500 = ₦88,500

Credit balances:

Capital ₦50,000

Sales ₦38,500

Total credits

= 50,000 + 38,500 = ₦88,500

The trial balance total is ₦88,500.

Answer:

D. ₦88,500

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