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JAMB Principles of Accounts 2021 past questions and answers

1 questions. Try each one, then open the answer to check yourself and read the explanation.

Question 15

Trial Balance

Given:
Bank overdraft ₦2,000
Cash ₦2,000
Furniture ₦4,000
Derive the total amount on the credit side of the trial balance.

  1. A.₦4000
  2. B.₦6000
  3. C.₦2000
  4. D.₦8000
Show the answer and explanation

Answer: C (₦2000)

Explanation

Cash and furniture are assets (debits). Only the bank overdraft, a liability, is a credit, so the credit total is ₦2,000.

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