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JAMB Principles of Accounts 2011 Question 5

Question 5

Double Entry and the Ledger

I Deduct the smaller side figure from the bigger side figure
II Add up both sides
III Take the difference to the smaller side and add to the smaller figure
The correct procedure for balancing account is

  1. A.II, I and III
  2. B.I, III and II
  3. C.II, III and I
  4. D.I, II and III
Show the answer and explanation

Answer: A (II, I and III)

Explanation

First total both sides, then find the difference, then enter it on the smaller side as the balance c/d.