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JAMB Accounting 2007 Objective — Question 37

Question 37 of 46 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2007 Objective paper, with the correct answer and a full explanation.

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Use the information below to answer questions 37 and 38. Net loss 2,300; Capital 10,500; Liability 7,200. Find the value of the total assets.

  • A. #17,700
  • B. #10,500
  • C. #20,000
  • D. #15,400Correct

Explanation

Assets = Capital + Liabilities - Loss = 10,500 + 7,200 - 2,300 = #15,400.

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