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JAMB Principles of Accounts 2006 Question 21

Question 21

Banking and Bank Reconciliation

A. S. Danbuzu's Bank Statement
Date | Particulars | Debit (₦) | Credit (₦) | Balance (₦)
Jan. 1 | Opening balance | | | 10 000
Jan. 3 | Bashir A. K. | 1 000 | | 9 000
Jan. 10 | Usman A. D. | 1 500 | | 7 500
Jan. 12 | Sule A. S. | 500 | | 7 000
Jan. 20 | Aliyu A. K. | | 3 000 | 10 000
Jan. 30 | X | 1 500 | | Y
The value of Y is

  1. A.₦11 500
  2. B.₦8 500
  3. C.₦13 000
  4. D.₦10 000.
Show the answer and explanation

Answer: B (₦8 500)

Explanation

After Jan. 20 the balance is ₦10 000. X is a debit of ₦1 500, so Y = 10 000 − 1 500 = ₦8 500.