WAEC Financial Accounting 1994 Question 15

Use the following Balance Sheet:
Ordinary share capital ₦100,000
6% Preference share capital ₦60,000
Reserve ₦20,000
(subtotal ₦180,000)
10% Debentures ₦40,000
Creditors ₦25,000
Accrued Rent ₦3,000
Total ₦248,000
Plant and Machinery ₦60,000
Furniture ₦50,000
Motor Van ₦68,000
Stock ₦14,000
Debtors ₦36,000
Prepayments ₦1,800
Bank ₦18,200
Total ₦248,000

What is the equity capital?

1. A.₦100,000
2. B.₦120,000
3. C.₦160,000
4. D.₦180,000
5. E.₦220,000