JAMB Accounting 2015 Objective — Question 7
Question 7 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.
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Given: Bank account ₦59,410; Capital account ₦50,000; Purchase account ₦20,000; Rent ₦2,500; Stationery ₦90; Typewriter ₦6,500; Sales ₦38,500. In preparing a trial balance from this list, what is the total in the debit and credit columns?
- A. ₦147,910
- B. ₦138,500
- C. ₦88,500Correct
- D. ₦85,800
Explanation
Debit total = 59,410+20,000+2,500+90+6,500 = ₦88,500. Credit total = 50,000+38,500 = ₦88,500. Both columns balance at ₦88,500 (option C, allowing for a printing discrepancy in the listed figure).
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