JAMB Commerce 2007 Objective — Question 10

Use the information below to answer questions 10 and 11. Balance sheet of XYZ as at 31/12/2003: Ordinary share capital 25,000,000; Fixed assets 26,000,000; Revenue reserve 10,000,000; Investment 22,000,000; General reserve 3,000,000; Current assets 5,000,000; Long-term liabilities 4,000,000; Current liabilities 11,000,000. Determine the owners' equity.

• A. #25,000,000
• B. #20,000,000
• C. #42,000,000
• D. #38,000,000Correct