Danladi Bako’s Statement of Affairs as at 30/06/17₦₦Capital??Fixtures and fittings4,000Stock20,500Sundry…

JAMB Accounting 2023 66 views

Danladi Bako’s Statement of Affairs as at 30/06/17

₦ ₦
Capital ?? Fixtures and fittings 4,000
Stock 20,500
Sundry debtors 40,000
Creditors 18,000 Bank ??
78,650 78,650

What is the value of Dalandi Bako’s capital?

Danladi Bako’s Statement of Affairs as at 30/06/17

₦ ₦
Capital ?? Fixtures and fittings 4,000
Stock 20,500
Sundry debtors 40,000
Creditors 18,000 Bank ??
78,650 78,650

What is his bank balance as at 30/06/17?

  1. ₦65,150
  2. ₦18,500
  3. ₦15,300
  4. ₦14,150 ✓

Explanation

Total assets must equal total liabilities plus capital. Known assets: Fixtures ₦4,000 + Stock ₦20,500 + Debtors ₦40,000 = ₦64,500. Total assets needed = ₦78,650.

Therefore, Bank = ₦78,650 – ₦64,500 = ₦14,150. This makes both sides balance at ₦78,650.

Remember: Statement of affairs must balance. Use this to find missing figures.

pastquestions.ng