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Use the information below to answer questions Zazzau Company: Cash in hand................N50 Cash in bank................N1...

Accounts - Principles of Accounts
JAMB 2005

Use the information below to answer questions

Zazzau Company:

Cash in hand................N50
Cash in bank................N1 250
Stock.......................N4 880
Furniture...................N9 60
Building....................N5 500
Debtor......................N1 750
Creditors...................N2 150

Drawings of N125 were made by the shareholders of the company.

The capital of the company stands at?

  • A. N12 240
  • B. N12 115
  • C. N2 510
  • D. N2 150
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Correct Answer: Option A
Explanation

Capital means the assets and cash in a business. It may either be cash, machinery, receivable accounts, property, or houses.

50 + 4880+ 1750 + 1250 + 960+ 5500 = 14390

14390 - 2150 = 12240

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