Post the following Item to a trial balance: bank, Cash, debtors, Creditors, bank loan, rent, drawings, discount allowed, discount received, carriage inwards, general expenses, returns inwards, Purchases, Sales, Stock, motor vehicles, furniture & fittings, household premises, Capital

To post the items to a trial balance, we need to classify each account as having a normal debit or credit balance. Assets, expenses, and drawings typically have debit balances, while liabilities, income, and capital typically have credit balances. Step 1: Classify each account and its balance. • Bank: Asset (Debit) - ₦54,880 • Cash: Asset (Debit) - ₦4,070 • Debtors: Asset (Debit) - ₦37,500 • Creditors: Liability (Credit) - ₦24,500 • Bank Loan: Liability (Credit) - ₦50,000 • Rent: Expense (Debit) - ₦15,700 • Drawings: Owner's Equity Reduction (Debit) - ₦3,750 • Discount Allowed: Expense (Debit) - ₦500 • Discount Received: Income (Credit) - ₦1,500 • Carriage Inwards: Expense (Debit) - ₦750 • General Expenses: Expense (Debit) - ₦13,750 • Returns Inwards: Sales Returns (Debit) - ₦600 • Purchases: Expense (Debit) - ₦160,750 • Sales: Income (Credit) - ₦254,850 • Stock: Asset (Debit) - ₦22,600 • Motor Vehicles: Asset (Debit) - ₦2,500 • Furniture & Fittings: Asset (Debit) - ₦6,000 • Household Premises: Asset (Debit) - ₦110,000 • Capital: Owner's Equity (Credit) - ₦125,000 Step 2: Prepare the trial balance by listing accounts with debit balances in the debit column and accounts with credit balances in the credit column. |l|r|r| Account Name & Debit (₦) & Credit (₦) \\ Bank & 54,880 & \\ Cash & 4,070 & \\ Debtors & 37,500 & \\ Creditors & & 24,500 \\ Bank Loan & & 50,000 \\ Rent & 15,700 & \\ Drawings & 3,750 & \\ Discount Allowed & 500 & \\ Discount Received & & 1,500 \\ Carriage Inwards & 750 & \\ General Expenses & 13,750 & \\ Returns Inwards & 600 & \\ Purchases & 160,750 & \\ Sales & & 254,850 \\ Stock & 22,600 & \\ Motor Vehicles & 2,500 & \\ Furniture \& Fittings & 6,000 & \\ Household Premises & 110,000 & \\ Capital & & 125,000 \\ Total & 433,850 & 455,850 \\ Step 3: Sum the debit and credit columns. Total Debits: 54,880 + 4,070 + 37,500 + 15,700 + 3,750 + 500 + 750 + 13,750 + 600 + 160,750 + 22,600 + 2,500 + 6,000 + 110,000 = 433,850 Total Credits: 24,500 + 50,000 + 1,500 + 254,850 + 125,000 = 455,850 The trial balance is presented above. The debit total is ₦433,850 and the credit total is ₦455,850. The trial balance does not balance, indicating a discrepancy of ₦22,000 (₦455,850 - ₦433,850). Send me the next one 📸