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Use the information below to answer questions Total current assets..................N2,000 Total fixed assets....................N4,000 Current liabilities...................N1,200...

Accounts - Principles of Accounts
JAMB 2009

Use the information below to answer questions

Total current assets..................N2,000
Total fixed assets....................N4,000
Current liabilities...................N1,200
Drawings..............................N200
Long-term loan........................N2,000

Determine the capital of the business?

  • A. N9,400
  • B. N6,000
  • C. N3,400
  • D. N3,000
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Correct Answer: Option D
Explanation

Capital = Assets - liabilities

Assets = Fixed assets + current assets + drawings

2000 + 4000 + 200 = 6200

Liabilities = current liabilities + longterm loans

1200 + 2000 = 3200

6200 - 3200 = 3000

 

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