Waec Model Questions Vol1 2023 Financial Accounting Question 34

The trial balance of a sole trader shows the following balances (debit unless indicated): Sales Revenue Cr ₦1,200,000; Purchases Dr ₦800,000; Salaries Expense Dr ₦250,000; Rent Expense Dr ₦150,000; Depreciation Expense - Machinery Dr ₦60,000; Accumulated Depreciation - Machinery Cr ₦300,000; Machinery (cost) Dr ₦1,200,000; Trade Receivables Dr ₦180,000; Trade Payables Cr ₦220,000; Capital Cr ₦500,000. The following adjustments are required: (i) unrecorded depreciation on furniture of ₦30,000; (ii) bad debts written off amounting to ₦20,000; (iii) rent prepaid of ₦40,000 for the next year was incorrectly charged to Rent Expense; (iv) the Purchases account was overstated by ₦10,000. After posting these adjustments, what is the corrected balance of the Capital account?