JAMB Principles of Accounts 2001 Question 41

Use the information below to answer questions 41 and 42.
Given: (₦)
Authorized Capital: 100,000 ordinary shares of ₦1 each
Issued and fully paid: 50,000 ordinary shares of ₦1 each 50,000
10,000 8% preference shares of ₦1 each 10,000
Reserves 25,000
Creditors 15,000
Debtors 13,000
Cash in hand 5,000
Determine the net current assets

1. A.₦43,000
2. B.₦28,000
3. C.₦13,000
4. D.₦3,000.