The following balances have been extracted from the nominal ledger accounts of XYZ Company, but the figure for bank loan is unknown. There are no other accounts in the main ledger.
| $ | |
| Payables | 6,750 |
| Capital | 16,500 |
| Purchases | 40,000 |
| Sales | 75,000 |
| Other expenses | 27,500 |
| Receivables | 8,250 |
| Purchase returns | 500 |
| Non-current assets | 30,000 |
| Cash in bank | 4,500 |
| Bank loan | Unknown |
What is the credit balance on the bank loan account?
Answer
| Debit balances | $ | $ |
| Purchases | 40,000 | |
| Non-current assets | 30,000 | |
| Receivables | 8,250 | |
| Other expenses | 27,500 | |
| Bank | 4,500 | |
| 110,250 | ||
| Credit balances | ||
| Payables | 6,750 | |
| Capital | 16,500 | |
| Sales | 75,000 | |
| Purchase returns | 500 | |
| 98,750 | ||
| Bank loan (credit balance) | 11,500 |