What is the balance of the bank account shown above?

Assessment: JAMB UTME - Principles of Accounts - 1997 Subject: Financial Accounting

Question 1 Report


What is the balance of the bank account shown above?

Answer Details
The balance of the bank account can be determined by computing the sum of all the transactions on the credit side and subtracting the sum of all the transactions on the debit side. On the credit side, the total amount is ₦89,500, while on the debit side, the total amount is ₦30,090. To determine the balance, we subtract the total debits from the total credits: ₦89,500 - ₦30,090 = ₦59,410 Therefore, the balance of the bank account shown above is ₦59,410 debit.
Read lesson note on Bank Transactions And Reconciliation Statements (JAMB)
Read lesson note on Cashbook (JAMB)
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