JAMB Commerce 2019 Objective — Question 24

Use the information below to answer these questions. BALANCE SHEET AS AT 31ST DEC, 2018. Liabilities: Paid-up capital ₦200,000; Retained earnings ₦50,000; Creditors ₦50,000; Bills payable ₦50,000; Dividend payable ₦70,000. Total ₦420,000. Assets: Building ₦50,000; Plant & machinery ₦35,000; Fixtures ₦20,000; Debtors ₦50,000; Stocks ₦145,000; Banks ₦120,000. Total ₦420,000. What is the owner's equity?

• A. ₦200,000
• B. ₦250,000Correct
• C. ₦300,000
• D. ₦420,000