passwella.
Menu

JAMB Principles of Accounts 2016 Question 17

Question 17

Trial Balance

Capital ₦2 000
Bank ₦1 200
Purchases ₦2 500
Sales ₦6 700
Stock ₦1 300
Creditors ₦1 000
Fixed assets ₦3 700
Drawings ?
Drawings are always estimated at 50% of capital

The trial balance total is

  1. A.₦8 700
  2. B.₦9 700
  3. C.₦7 800
  4. D.₦7,900
Show the answer and explanation

Answer: B (₦9 700)

Explanation

Drawings = 50% × 2,000 = ₦1,000. Debits: 1,200 + 2,500 + 1,300 + 3,700 + 1,000 = ₦9,700. Credits: 2,000 + 6,700 + 1,000 = ₦9,700.