JAMB Accounting 2008 Objective — Question 17
Question 17 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.
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Given: Capital 12700, purchases 7100; Debtors 4000, stationery 1900; Sales 2400, wages 1230. The owner wishes to maintain an account equal to 3/4 of capital as drawings. What is the amount withdrawn?
- A. #9,525Correct
- B. #9,000
- C. #7,100
- D. #6,400
Explanation
75% of capital = drawings. Thus, 75% x N12,700 = N9,525.
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