JAMB Accounting 2012 Objective — Question 27

Question 27 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2012 Objective paper, with the correct answer and a full explanation.

Use the information below to answer questions 27 and 28. Fixtures 30,000; Debtors 7,000; Stock 8,000; Creditors 3,000; Goodwill 10,000. Determine the capital.

A. ₦10,000
B. ₦42,000
C. ₦45,000
D. ₦52,000Correct

Explanation

Capital = Total assets − Total liabilities = (30,000+7,000+8,000+10,000) − 3,000 = 55,000−3,000 = ₦52,000.

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