JAMB Principles of Accounts 1998 Question 18

Use the information below to answer questions 17 and 18.
Wazobia Enterprises Balance Sheet as at 1/1/95
Liabilities: Capital ₦40,000; Total ₦40,000
Assets: Furnishings ₦10,000; Ceiling fan ₦1,500; Cash in hand ₦28,500; Total ₦40,000
If at 31/1/95 the following information was ascertained (i) Rent for shop ₦12, 000 paid for the year (ii) Total purchases ₦15,000 (iii) Total sales ₦8,200 (iv) Stock of goods left ₦10,000 (v) Paid sales boy ₦500.
What is the balance on its cash account as at 31/1/95?

1. A.₦22,800
2. B.₦21,200
3. C.₦9,200
4. D.₦800