Question 16
UTME
•
2022
•
COMMERCE
•
objective
TABLE
-
15-16
Use the information below to answer questions 15 and 16
\( \text{Balance Sheet of LMN as at 31/12/2003} \)
\(
\begin{array}{l r | l r}
\hline
\text{Ordinary share capital} & 25,000,000 & \text{Fixed assets} & 26,000,000 \\
\text{Revenue reserve} & 10,000,000 & \text{Investment} & 22,000,000 \\
\text{General reserve} & 3,000,000 & \text{Current assets} & 5,000,000 \\
\text{Long-term liabilities} & 4,000,000 & & \\
\text{Current liabilities} & \underline{11,000,000} & & \underline{\text{\hspace{4em}}} \\ \hline
\text{Total} & \underline{\underline{53,000,000}} & \text{Total} & \underline{\underline{53,000,000}} \\ \hline
\end{array} \)
Determine the owner's equity.
Answer Options
A.
₦20,000,000
B.
₦38,000,000
Correct Answer
C.
₦42,000,000
D.
₦25,000,000
Correct Answer
C
Correct Option:
₦42,000,000
About This Question
This is
Utme
2022
Commerce
Question 16.
It is one of the
objective
questions from the
2022
Utme
Commerce
examination.
The question covers
Accounting
.
Difficulty level:
2
.