JAMB Accounting 2009 Objective — Question 17

Question 17 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2009 Objective paper, with the correct answer and a full explanation.

17. Total current assets #2,000; Total fixed assets #4,000; Current liabilities #1,200; Drawings #200; Long-term loan #2,000. Determine the capital of the business.

A. #9,400
B. #6,000
C. #3,400
D. #3,000Correct

Explanation

Capital = Assets - Liabilities + Drawings = (2,000+4,000) - (1,200+2,000) + 200 = #3,000.

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