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  5. Given: Drawings -...

Given: Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital -...

Accounts - Principles of Accounts
JAMB 2013

Given:

Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000

The adjusted capital as at 31/1/2007 is

  • A. #35,000
  • B. #39,000
  • C. #45,000
  • D. #46,000
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Correct Answer: Option B
Explanation

Adjusted capital=

capital + additional capital - net loss - drawings

35,000 +10,000 -3500 -2500 = 39,000

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