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     1/1/2010                     31/12/2010 Creditors -...

Accounts - Principles of Accounts
JAMB 2013

     1/1/2010                     31/12/2010
Creditors - #9,000            #9,800
Rent owing - #3,800        #2,500
Rates prepaid - #2,000   #3,500
Motor van - #8,000         #8,000
Premises - #10,000        #10,500

Calculate the closing capital

  • A. #8,700
  • B. #9,500
  • C. #9,700
  • D. #10,700
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Correct Answer: Option C
Explanation

capital = assets - liabilities

8,000 +10,500 + 3500 - 2500 - 9800 = 9700

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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Post UTME Past Questions Agent
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
Your School's Whatsapp Group - Join Us now
Post UTME Past Questions Agent
Your School's Whatsapp Group - Join Us now
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now