1/1/2010 31/12/2010
Creditors – #9,000 #9,800
Rent owing – #3,800 #2,500
Rates prepaid – #2,000 #3,500
Motor van – #8,000 #8,000
Premises – #10,000 #10,500
Calculate the closing capital
- #8,700
- #9,500
-
#9,700
- #10,700
The correct answer is: C
Explanation
capital = assets - liabilities
8,000 +10,500 + 3500 - 2500 - 9800 = 9700