JAMB Accounting 2015 Objective — Question 17

Wazobia Enterprises' Balance Sheet as at 1/1/95 showed Capital ₦40,000; Assets: Furnishings ₦10,000, Ceiling fan ₦1,500, Cash at hand ₦28,500 (total ₦40,000). By 31/1/95: (i) rent for shop ₦12,000 paid for the year (ii) total purchases ₦15,000 (iii) total sales ₦8,200 (iv) stock of goods left ₦10,000 (v) paid sales boy ₦500. What is the new balance sheet total as at 31/1/95?

• A. ₦40,000
• B. ₦41,500
• C. ₦41,700Correct
• D. ₦48,500