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JAMB Principles of Accounts 2008 Question 5

Question 5

Trial Balance

Given:
Sales ₦4 000
Light expenses ₦2 900
Rent ₦15 000
Purchases ₦7 500
Debtors ₦6 000
Creditors ₦29 325
Drawings ₦25
Bank ₦400
General expenses ₦1 500
Calculate the total of the trial balance

  1. A.N64 300
  2. B.N46 825
  3. C.N41 850
  4. D.N33 325
Show the answer and explanation

Answer: D (N33 325)

Explanation

Credit side: sales 4 000 + creditors 29 325 = ₦33 325. Debit side: 2 900 + 15 000 + 7 500 + 6 000 + 25 + 400 + 1 500 = ₦33 325.