Waec Model Questions Vol1 2023 Financial Accounting Question 1

The following unadjusted trial balance of XYZ Ltd is given (all figures in ₦): | Account | Debit | Credit | |--------------------------------|-------|--------| | Machinery | 150,000 | | | Accumulated Depreciation - Machinery | | 30,000 | | Cash | 20,000 | | | Accounts Receivable | 15,000 | | | Accounts Payable | | 10,000 | | Salaries Expense | 45,000 | | | Rent Expense | 12,000 | | | Sales Revenue | | 120,000 | | Capital | | 80,000 | Adjusting entries for the year are: 1. Depreciation on Machinery is 12 % of its cost. 2. Salaries of ₦8,000 have been incurred but not yet paid. 3. ₦3,000 of the rent expense recorded relates to rent prepaid for the next period. After posting the adjusting entries, the profit and loss account is closed to the Capital account. What is the balance in the Capital account after posting the adjusting entries and the closing entries?