Given:Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital - #10,000The adjusted capital as at 31/1/2007 is

Assessment: JAMB UTME - Principles of Accounts - 2016 Subject: Financial Accounting

Question 1 Report

Given:Drawings - #3,500

Net loss - #2,500

Capital 1/1/2007 - #35,000

Additional capital - #10,000The adjusted capital as at 31/1/2007 is

#35,000

#39,000

#45,000

#46,000

Answer Details

The adjusted capital as of January 31, 2007 can be calculated by taking the initial capital of #35,000 and adding any additional capital. In this case, an additional #10,000 was added, bringing the total to #35,000 + #10,000 = #45,000. However, the net loss of #2,500 should also be taken into consideration. The net loss decreases the total capital, so we need to subtract it from the adjusted capital. So, the adjusted capital would be #45,000 - #2,500 = #42,500.

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Given:Drawings - #3,500 Net loss - #2,500 Capital 1/1/2007 - #35,000 Additional capital - #10,000The adjusted capital as at 31/1/2007 is

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