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The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500....

Accounts - Principles of Accounts
JAMB 2016

The records of Superstores shows a loan of #14,000 from Bala,creditor #8,000 and assets #190,500. What is the firm's capital?

  • A. #184, 000
  • B. #196,500
  • C. #212,000
  • D. #168,500
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Correct Answer: Option D
Explanation

The net working capital formula is calculated by subtracting the current liabilities from the current assets. 
Assets = 190,500
liabilities = 14,000 + 8,000 = 22,000
190,500 - 22,000 = 168,000 (capital)

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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