JAMB Commerce 2000 Question 10

Question 10

Business Calculations

Use the information below to answer questions 10 and 11.
Amina Enterprises Balance Sheet as at 30/3/99
Liabilities (₦): Share capital 400,000; Reserve fund 200,000; Creditors 110,000; Bills payable 50,000; Undistributed profits 45,000; Wages due 5,000
Assets (₦): Land 200,000; Buildings 150,000; Machinery 200,000; Implements 20,000; Office fittings 5,000; Raw materials 100,000; Finished goods 50,000; Debtors 20,000; Bills receiveable 15,000; Cash at bank 45,000; Cash at hand 5,000
What is the total fixed capital?

  1. A.₦550,000
  2. B.₦570,000
  3. C.₦575,000
  4. D.₦675,000.
Show the answer and explanation

Answer: C (₦575,000)

Explanation

Fixed assets = land 200 000 + buildings 150 000 + machinery 200 000 + implements 20 000 + office fittings 5 000 = ₦575 000.