JAMB Accounting 2019 Objective — Question 31

Question 31 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2019 Objective paper, with the correct answer and a full explanation.

Given: Liability ₦23,700; Current assets ₦20,300; Fixed assets ₦64,500. What is the capital introduced by the proprietor?

A. ₦88,200
B. ₦40,800
C. ₦108,500
D. ₦61,100Correct

Explanation

Capital = assets − liabilities = (64,500+20,300) − 23,700 = 84,800−23,700 = ₦61,100.

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