Use the information below to answer question Given: 31/12/98 31/12/99 Assets: Plant and Mach. ₦1,500 ₦1,200 Fixtures ₦700 ₦520 Stock ₦500 ₦600 Debtors ₦900 ...

Use the information below to answer question

Given: 31/12/98 31/12/99

Assets: Plant and Mach. ₦1,500 ₦1,200

Fixtures ₦700 ₦520

Stock ₦500 ₦600

Debtors ₦900 ₦400

Cash ₦200 ₦300

Liabilities: Creditor ₦500 ₦600

Loan ₦600 ₦400What is the capital from the opening balance sheet?

Answer Details

To calculate the capital from the opening balance sheet, we need to use the accounting equation: Assets = Liabilities + Capital From the given information, we have the following data: Assets on 31/12/98 = ₦1,500 + ₦700 + ₦500 + ₦900 + ₦200 = ₦3,800 Liabilities on 31/12/98 = ₦500 + ₦600 = ₦1,100 Using the accounting equation, we can calculate the capital as follows: Capital = Assets - Liabilities Capital on 31/12/98 = ₦3,800 - ₦1,100 = ₦2,700 Therefore, the capital from the opening balance sheet is ₦2,700.