Question 16
Final Accounts of a Sole TraderUse the information below to answer questions 15 and 16.
(₦ Dr; ₦ Cr)
Capital — ; 24 000
Land and building 18 470
Mortgage on premises — ; 11 090
Drawings 3 000
Profit and loss — ; 3 600
Furniture and fittings 5 120
Motor Vehicles 3 462
Closing Stock 3 000
Debtors 11 474
Creditors — ; 7 354
Cash 1 518
Totals 46 044 ; 46 044
Calculate the value of fixed assets
- A.₦15 992
- B.₦18 470
- C.₦27 000
- D.₦27 052
Show the answer and explanation
Answer: D (₦27 052)
Explanation
Fixed assets = land and building 18 470 + furniture 5 120 + motor vehicles 3 462 = ₦27 052.