JAMB Accounting 2013 Objective — Question 21

Question 21 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

(Using the same information as Q20) Calculate the value of closing capital.

A. ₦8,700
B. ₦9,500
C. ₦9,700Correct
D. ₦10,700

Explanation

Closing capital = Closing assets − Closing liabilities = ₦(3,500+8,000+10,500) − ₦(9,800+2,500) = ₦22,000 − ₦12,300 = ₦9,700.

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