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JAMB Accounts Principles of Accounts 2023 Paper

Question : 53

Total: 80

Solution:

Concept:

The bank balance is the remaining amount after subtracting the other listed assets from the total assets in the statement of affairs.

Explanation:

First, find the total of the other asset values:

4,000 + 20,500 + 40,000 = 64,500

Then, deduct this total from the overall assets of

\text{₦}78,650

Therefore, bank balance

= 78,650 - 64,500 = 14,150

Answer:

\text{₦}14,150

(Option A).

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