JAMB Principles of Accounts 1994 Question 24

Chukwuma Okeke did not keep his books based on the double entry principle.
On 1st January, 1993, Cash in hand was ₦60, Bank overdraft ₦1 100, Debtor ₦7 240, Stock ₦27 450, Furnishings ₦2 000 and Creditors ₦5 850.
As at 31st December 1993, Cash in hand was ₦40, Cash at bank ₦1 050, Debtors ₦6 720, Stock ₦29 180, Furnishings ₦2 000 and Creditors ₦6 990
Compute the capital as at 1st January 1993.

1. A.₦29 800
2. B.₦28 900
3. C.₦26 700
4. D.₦20 800