NECO Accounting 2022 Objective — Question 2

Question 2 of 50 from the National Examinations Council (NECO) Accounting 2022 Objective paper, with the correct answer and a full explanation.

Use table: Year 2018 - Current Assets N52,550, Liabilities N78,600, Fixed Assets N127,450, Capital X; Year 2019 - Current Assets N41,650, Liabilities N53,220, Fixed Assets Y, Capital N116,780. The letter X represents

A. N258,000
B. N180,000
C. N101,400Correct
D. N78,600

Explanation

Capital(X) = Fixed Assets + Current Assets - Liabilities = 127,450 + 52,550 - 78,600 = N101,400 (prepare a balance sheet to find X).

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