JAMB Accounting 2022 Objective — Question 27

Question 27 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2022 Objective paper, with the correct answer and a full explanation.

27. The accounting entry for the new capital (from the same information) is

A. (A) Dr: capital account Cr: cash account
B. (B) Dr: cash account Cr: New capital account
C. (C) Dr: cash account Cr: capital accountCorrect
D. (D) Dr: capital account Cr: cash account

Explanation

For capital introduced into the business, the accounting entry is Dr: cash/bank account, Cr: capital account.

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