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JAMB Principles of Accounts 2013 Question 24

Question 24

Incomplete Records

Given:
Drawings ₦3,500
Net loss ₦2,500
Capital 1/1/2007 ₦35,000
Additional capital ₦10,000
The adjusted capital as at 31/1/2007 is

  1. A.₦35,000.
  2. B.₦39,000.
  3. C.₦45,000.
  4. D.₦46,000.
Show the answer and explanation

Answer: B (₦39,000.)

Explanation

35 000 + 10 000 − net loss 2 500 − drawings 3 500 = ₦39 000.