JAMB - Accounts Principles Of Accounts (2013 - No. 19)
1/1/2010 31/12/2010
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
Creditors - #9,000 #9,800
Rent owing - #3,800 #2,500
Rates prepaid - #2,000 #3,500
Motor van - #8,000 #8,000
Premises - #10,000 #10,500
Calculate the closing capital
#8,700
#9,500
#9,700
#10,700
Explanation
capital = assets - liabilities
8,000 +10,500 + 3500 - 2500 - 9800 = 9700
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