WAEC Financial Accounting 2001 Question 19

John Udoh started business on 1st January, 1998 with the following assets: Motor Van N120,000; Buildings N300,000; Stock of goods N40,000
In addition, he had cash of N60,000, out of which N20,000 was borrowed from a friend.
The capital of the business is

1. A.N520,000
2. B.N500,000
3. C.N480,000
4. D.N460,000.