JAMB - Accounts Principles Of Accounts (2020 - No. 17)
Use the information below to answer this question
₦
Total current assets 2000
Total fixed assets 4000
Current liabilities 1200
Drawings 200
Long term loan 2000
Calculate the capital of the business.
₦3000
₦9400
₦3400
₦6000
Explanation
capital = total assets - liabilities
2000 + 4000 - (1200 + 2000)
6000 - 3200 = 2800
2800 + 200 (drawings) = 3000
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