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JAMB Principles of Accounts 2001 Question 6

Question 6

Trial Balance

Use the information below to answer questions 5 and 6.
Given: (₦)
Fixed assets 85,600
Sales 197,000
Stock 34,300
Salaries and wages 37,000
Purchases 127,700
Share capital 120,000
Creditors 16,050
Motor expenses 10,500
Debtors 25,000
Determine the total of the trial balance

  1. A.₦335,050
  2. B.₦333,050
  3. C.₦323,050
  4. D.₦230,550.
Show the answer and explanation

Answer: B (₦333,050)

Explanation

Credit side = sales 197,000 + share capital 120,000 + creditors 16,050 = ₦333,050, and the debits (with cash) equal this.