JAMB Accounting 2008 Objective — Question 26
Question 26 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2008 Objective paper, with the correct answer and a full explanation.
Advertisement
Use the information below to answer questions 26 and 27: Total fixed assets 31 Dec. 05: 7,800, 31 Dec. 06: 6,600; Total current assets 12,100, 17,800; Total current liabilities 4,700, 3,800; Drawings for 2006 is 5,200. Determine the capital balance as at Dec. 31 2005
- A. 20 60
- B. 15 200Correct
- C. 13 800
- D. 11 600
Explanation
Capital = Assets - Liabilities = N(7,800+12,100)-N4,700 = N19,900-N4,700 = N15,200.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.