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Accounts (Principles of Accounts) · Nature and purpose of accounting

Accounts (Principles of Accounts)Nature and purpose of accountingWAEC

A business has assets of ₦850,000 and liabilities of ₦230,000. What is its capital?

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Answer: B. ₦620,000

Capital = Assets − Liabilities = 850,000 − 230,000 = ₦620,000.

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