JAMB Accounting 2016 Objective — Question 18
Question 18 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2016 Objective paper, with the correct answer and a full explanation.
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18. The records of super store show a loan of #14,000 from Bala, Creditor #8,000 and assets #190,500. What is the firm's capital? (a) #168,500 (b) #196,500 (c) #184,000 (d) #21,2000
- A. #168,500Correct
- B. #196,500
- C. #184,000
- D. #21,2000
Explanation
Capital = assets - liabilities; 190,500-14,000-8,000=168,500.
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