WAEC Financial Accounting 1993 Question 18

Use the following information:
10,000 ordinary shares of ₦1 each: ₦10,000
5,000 5% preference shares of ₦1 each: ₦5,000
Profit and Loss Account: ₦8,000
8% debenture: ₦10,000
Creditors: ₦3,000
Bank overdraft: ₦2,000
Plants and machinery: ₦10,000
Furniture and fittings: ₦3,000
Stock: ₦8,000
Debtors: ₦5,000

What is the value of shareholders' equity?

1. A.₦25,000
2. B.₦23,000
3. C.₦18,000
4. D.₦15,000
5. E.₦10,000.