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JAMB Principles of Accounts 2017 Question 10

Question 10

Company Accounts

Use the information below to answer questions 9 and 10.
Zoom Plc balance sheet [extract] as at 31st December, 1997 (shown in the figure).

Determine the owners' equity

Diagram for this question
  1. A.₦275,000
  2. B.₦755,000
  3. C.₦200,000
  4. D.₦215,000.
Show the answer and explanation

Answer: A (₦275,000)

Explanation

Owners' equity = paid-up capital 200,000 + share premium 15,000 + profit and loss 60,000 = ₦275,000.