Balance the following bank account and bring down the balance at the end of the month - Junior Cycle Business Studies - Question 6 - 2022
Question 6
Balance the following bank account and bring down the balance at the end of the month.
| Date | Details | Bank Account | Total |
|-------|-----------... show full transcript
Worked Solution & Example Answer:Balance the following bank account and bring down the balance at the end of the month - Junior Cycle Business Studies - Question 6 - 2022
Step 1
Calculate Total Debits (Dr)
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Answer
To find the total debits, add the opening balance and cash sales:
550+340=890
Step 2
Calculate Total Credits (Cr)
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Answer
To find the total credits, add the wages and cash purchases:
300+200=500
Step 3
Balance the Account
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The closing balance (Balance c/d) can be calculated by subtracting the total credits from the total debits:
890−500=390
Step 4
Record Balance Forward
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The balance to be carried forward (Balance b/d) for the next period is:
390
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