JAMB Accounting 2013 Objective — Question 24

Question 24 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2013 Objective paper, with the correct answer and a full explanation.

Given: Drawings 3,500 Net loss 2,500 Capital 1/1/2007 35,000 Additional capital 10,000 The adjusted capital as at 31/12/2007 is

A. ₦35,000
B. ₦39,000Correct
C. ₦45,000
D. ₦46,000

Explanation

Capital 1/1/2007 35,000 + Additional capital 10,000 = 45,000; less Loss 2,500 = 42,500; less Drawings 3,500 = ₦39,000.

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