BALANCE SHEET AS AT 31st DECEMBER, 2010 \(\begin{array}{c...
BALANCE SHEET AS AT 31st DECEMBER, 2010 ₦₦Capital40,000Freehold premises50,000Less: Net loss5,00035,000Stock3,000Less: Drawings2,00033,000Debtors4,000Long term loan20,00053,000Cash at bank6,500Creditors8,000Accrued expenses4,00065,000Cash in hand1,500Total 65,000
The amount of working capital is
₦11,000
₦7,000
₦4,000
₦3,000
Correct answer is D
Working capital = current assets - current liabilities
Current assets= 3000 + 4000 + 6500 + 1500 = 15000
current liabilities= 8000 + 4000 = 12000
15000 - 12000 = 3000
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