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JAMB Principles of Accounts 1997 Question 19

Question 19

Final Accounts of a Sole Trader

Given: capital, ₦13 000; office machinery, ₦9 000; creditors ₦900, stock of goods ₦1550; debtors, ₦275; cash at bank, ₦5 075 and loan from Jumbo, ₦2 000. What is the balance sheet total?

  1. A.₦19 500
  2. B.₦18 500
  3. C.₦17 900
  4. D.₦15 900
Show the answer and explanation

Answer: D (₦15 900)

Explanation

Assets = 9 000 + 1 550 + 275 + 5 075 = ₦15 900 (= capital 13 000 + creditors 900 + loan 2 000).