JAMB Commerce 2022 Question 16

Use the information below to answer questions 15 and 16.
Balance Sheet of LMN as at 31/12/2003
Ordinary share capital ₦25,000,000 | Fixed assets ₦26,000,000
Revenue reserve ₦10,000,000 | Investment ₦22,000,000
General reserve ₦3,000,000 | Current assets ₦5,000,000
Long-term liabilities ₦4,000,000 |
Current liabilities ₦11,000,000 |
Total ₦53,000,000 | Total ₦53,000,000

Determine the owner's equity.

1. A.₦20,000,000
2. B.₦38,000,000
3. C.₦42,000,000
4. D.₦25,000,000