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Use the information below to answer question . .........................31 Dec. 05........31 Dec. 06 Total fixed...

Accounts - Principles of Accounts
JAMB 2008
Use the information below to answer question .

.........................31 Dec. 05........31 Dec. 06

Total fixed assets.........N7 800............N6 600
Total current assets.......N12 100............N17800
Total current liabilities..N4 700............N3 800

Drawings for 2006 is N5 200.
Determine the capital balance as at Dec. 31,2005?
  • A. N20 600
  • B. N15 200
  • C. N13 800
  • D. N11 600
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Correct Answer: Option B
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