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Use the information below to answer questions 25 and 26. ........................31/12/08...........31/12/09 Furniture and fittings..N21 000,............N28...

Accounts - Principles of Accounts
JAMB 2010

Use the information below to answer questions 25 and 26.

........................31/12/08...........31/12/09

Furniture and fittings..N21 000,............N28 000
Office equipment........N9 800,.............N13 200
Debtors.................N6 800,.............N5 200
Creditors...............N4 900,.............N5 100
Cash at bank............N7 000,.............N4 600
Accrued electricity bills...................N1 200

Monthly drawings average N330.

Find the opening capital?

  • A. N39 700
  • B. N35 900
  • C. N35 740
  • D. N43 660
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Correct Answer: Option A
Explanation

furniture & fittings + office equipt. + debtors + cash at bank - creditors
21000 + 9800 + 7000 + 6800 - 4900 = 39700

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now
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WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now