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JAMB Principles of Accounts 2009 Question 5

Question 5

Trial Balance

Given:
Capital ₦2 375 000
Debtors ₦495 000
Motor vehicles ₦870 000
Creditors ₦245 000
Prepayments ₦500 000
Bills receivable ₦505 000
Furniture ₦150 000
What is the total debit for the trial balance?

  1. A.₦4 690 000
  2. B.₦2 620 000
  3. C.₦2 520 000
  4. D.₦1 565 000
Show the answer and explanation

Answer: C (₦2 520 000)

Explanation

Debit balances are the assets: 495 000 + 870 000 + 500 000 + 505 000 + 150 000 = ₦2 520 000.